London has a north-south divide with a growing disparity in the value of homes north and south of the River Thames.
The average north London property costs £62,345 more than its south London equivalent - £367,594 compared with £305,249, according to research by the Centre of Economics and Business Research (CEBR).
Over the past decade the gap between north and south had been closing but now north London is reasserting its price dominance. The
CEBR report shows a 21 percent difference compared to a decade ago, when the price differential was 10.3 percent.
People have a psychological preference for either north or south London but that aside there are basically two types of house hunters according to Christian Harper of London’s
fixed fee estate agent OliverFinn:
1)
Buyers more interested in the property than the location
These people are looking for a certain number of bedrooms or square metres, or a west-facing garden or state-of-the-art kitchen for example. They will compromise on the location to get their ideal property.
2)
Buyers more interested in the location than the property
They are looking for a shorter commute, a view of the river, a quiet road, or lots of local amenities for example. They will compromise on the property to get their ideal location.
[caption id="attachment_3886" align="alignright" width="150" caption="Christian Harper"]
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“The greater the number of buyers moving to an area the greater the number of businesses will follow suit to service the flourishing community. This leads to ‘up-and-coming’ hype but buyers should keep in mind it can take years before the hype becomes reality. So it only really makes sense if you’re in it for the long term.”
OliverFinn, with
branches in Chiswick, Clapham and Notting Hill Gate, is ideally positioned to help buyers prioritise their ideal home against their ideal location says Harper. “Newer developments in cheaper areas often offer the best value.
“However, buyers rarely end up meeting all the criteria on their wish list otherwise no property on a busy street would ever be sold. Usually, after viewing different properties in different areas for several weeks, they will reach a happy medium.”
