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London price/sq ft in different areas

I'm looking at investigating the price/sq ft for different areas in London. Asking prices seem to be quite misleading.
Is there a good way of finding out the sold price/sq ft for different areas?
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Comments

  • bob2
    bob2 Posts: 121 Forumite
    For some reason people in the UK focus more on number of bedrooms and reception rooms than floor area. Properties with identical floor areas will sell for different prices if one has more bedrooms (e.g. one bedroom has been split in two).

    Consequently, property advertisements in the past tended to omit this crucial information - although more and more ads now seem to come with a floorplan and sq ft measurement.

    However, the figures are difficult to interpret with some plans counting garages and other non-habitable spaces in the area calculation. As I understand it, in other countries (US/Canada) there are standard regulations about what can and can't count towards and advertised sq ft measurement.
  • What I find strange is that websites such as Zoopla don't show the sq ft in a clearer fashion. You need to dig into the floor plan for each property you are looking at.
    I wonder if this is done on purpose for the benefit of estate agents to obscure smaller properties?
  • aliama
    aliama Posts: 242 Forumite
    To be honest, I'm not sure whether it would be meaningful to compare properties in London in this way. I suspect factors like whether the property has a garden or patio, quality of fittings and proximity to good schools or tube stations will probably play more of a role in the price of a property than the square footage.
    NSD May 1/15
  • olly300
    olly300 Posts: 14,736 Forumite
    First Post First Anniversary Combo Breaker
    edited 23 February 2013 at 11:03PM
    As the others have indicated in London properties aren't sold this way.

    Generally any property in the catchment area of good schools, in close walking distance to a tube/train station and with it's own parking sells for more.

    Bidding wars can occur simply because a property is well decorated, in the catchment area of schools, less than 10 mins from a station and has it's own parking even though 5 minutes further away (even on the same street) there are similar or larger properties.

    This is why in London one of the best things you can do is rent in the area before buying if you don't know any long term residents of where you want to purchase.

    I know a lot of people who have decided to move house after having children simply because they were in a poor school catchment area. I know childless people who have moved due to poor location and lack of parking due to their work prospects.
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
  • BigG10
    BigG10 Posts: 97 Forumite
    Deffo not sold this way in London.

    e.g. when we were looking.

    2 beds with 490 sq foot in region of 250 - 265k
    1 bed with 490 sq foot in region of 225 - 240k

    Thats in a good area.

    Different area...

    2 beds with 715 sq foot in region of 200 - 225k.
    1 bed with 370 sq foot in region of 160 - 200k.
  • It's definitely a relevant factor, and one that I paid quite a lot of attention to when looking to buy in London. However, it's only a starting point - obviously you also need to factor in layout, outside space, parking, local amenities, state of repair, freehold/leasehold and a whole host of other things, which means that two properties with the same square footage in the same general neighbourhood could differ in value quite substantially.

    Unfortunately I don't know of anywhere that you can find the data you need. I kept a spreadsheet of every property I viewed which included asking price, square footage, and price per square foot. Over time it gave me a good general sense of what was a reasonable price for the area.
  • I wonder how hard it would be to start up a new property website which would show the following for each property:
    price sq/ft
    distance to tube station
    distance to local schools
    parking availability

    For my search I've found that I waste a lot of time looking at properties only to find they are too small (i.e. too expensive price / sq ft).
  • propertyman
    propertyman Posts: 2,922 Forumite
    edited 24 February 2013 at 5:44PM
    I want to shout at people who babble on about sq ft. It is a waste of time trying to impose some popular concept from the TV of other countries.:cry:

    In this country we have a huge variation in style design and age, and historically have a real mix of properties and who developed them, as well as hugely different living concepts
    It is only when dealing with relatively new build apartments and suburban estates, say an area developed by one developer or owner or new towns, that it is indicative as the properties are easily and rationally compared

    Look for eg a three bed semi with parking garden etc price range get the details and look at the room sizes and layout, view or dont view Simples. :)
    Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
    Actively hunting down the person who invented the imaginary tenure, "share freehold";
    if you can show me one I will produce my daughter's unicorn
  • aliama
    aliama Posts: 242 Forumite
    deelo555 wrote: »
    I wonder how hard it would be to start up a new property website which would show the following for each property:
    price sq/ft
    distance to tube station
    distance to local schools
    parking availability

    For my search I've found that I waste a lot of time looking at properties only to find they are too small (i.e. too expensive price / sq ft).

    Rightmove shows the middle two. And if a property has a parking space or a garage, it'll usually be stated in the description.
    NSD May 1/15
  • bob2
    bob2 Posts: 121 Forumite
    I want to shout at people who babble on about sq ft. It is a waste of time trying to impose some popular concept from the TV of other countries.:cry:

    Heaven forbid anyone should want to compare property based on an objective measurement! As far as imposing it on others - doesn't matter to me if someone else doesn't want to consider it - but as a buyer I would want to know the floor area before proceeding.
    In this country we have a huge variation in style design and age, and historically have a real mix of properties and who developed them, as well as hugely different living concepts.

    Translation - many UK properties are absolutely tiny and if people paid too much attention to this they might not want to buy them. The entire property "ladder" might collapse if people realised that moving up from a 3-bed house to a 4-bed house could sometimes mean only increasing the habitable area from 1100 sq ft to 1200 sq ft at a cost of £100,000 or more! So could perhaps get better value from an extension.
    It is only when dealing with relatively new build apartments and suburban estates, say an area developed by one developer or owner or new towns, that it is indicative as the properties are easily and rationally compared

    Indicative of what? Space is space whether a house is old or new. Sure - if you value "quaintness" and "character" over space go for a tiny historic cottage. But when comparing quaint character cottages it's still useful to know which one has more space.
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