Family homes in London are more expensive

property-price-upFirst time buyers think house prices in some locations in London  are more expensive than they are. Overall some 62% of people looking to buy their first home thought properties were more expensive with homes in boroughs such as Westminster, Brent, Camden and Hammersmith & Fulham perceived as some of the most expensive. According to the research, first time buyers in London are anticipating higher property values overall, location dependant or not.

As per the survey, Barratt London asked 2,000 first time buyers looking for a home to buy in London over the next five years to guess the prices of properties in 12 London boroughs by only having the description of the property in front of them, along with the location. In Westminster 79% of people overvalued the cost of an apartment in Marylebone, valued at £849,995, Respondents estimated that the property for an average of £955,266, 12% more than the listed price. In Brent 66% misjudged the value of the cost of a new build apartment with average of £418,496 which would be £379,950, miscalculating by 10%. Some 67% overvalued the price of a £750,000 split level maisonette in Camden, valuing the property at an average of £780,821. In Hammersmith and in Fulham, a ground floor flat listed at £799,950, was overestimated by 61% of respondents at £825,456, some 5% higher than the asking price. In Lewisham 52% of people overestimated the value of a £425,000, where the property would cost an average of £433,983 to buy. Lewisham was the only area in study where locals underestimated the price.

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