New study finds bargains in every zone
LONDON’S stratospheric property market is hard to break into, but a new study reveals today exactly where buyers can find the best-value property in Tube Zones 1 to 5.
The data looks not at average overall price, but at price per square foot, a more accurate indicator of property cost. It found the best value in Zone 1 was in the south-east London regeneration zone of Elephant & Castle and Kennington (SE11), where there is a good mix of new build, period, and ex local authority property and an average price per sq ft of £876.
This is almost 45 per cent cheaper than the average price per sq ft in Zone 1, which stands at £1,380.
Buyers wanting to live near the City could look at the Finsbury area (EC1R) where average price per square foot is £1,039, or Old Street, at £1,127.
Prices drop significantly in Zone 2, according to the research by Hamptons International. Although the average price across the zone is £894 per sq ft, in New Cross (SE14) it is £630, while Deptford (SE8) and Bow (E3) are almost equally good value at £673 and £677, respectively.
In Zone 3, the best value area is East Ham (E6), where average price per sq ft is £410, compared to a zone average of £675. Homes in Plaistow and Forest Gate were also highlighted for their value for money, with average prices of £432 and £476 per sq ft.
In Zone 4, Barking (IG11) has the best value homes, at £388 per sq ft, while in Zone 5 the leading location is Dagenham (RM10), at £352 per sq ft.
David Fell, research analyst at Hamptons International and author of today’s study, said the research was a graphic illustration of the savings to be made for buyers willing to move a zone or two further from central London.
£320,000: the best value in Zone 3 is in New Cross (£630 per sq ft), where this one-bedroom flat in a fine period terrace in New Cross Road is for sale through Robinson Jackson (020 8012 9129)