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The £161,221 cost of a London bedroom

Friday, 6 July 2007 12:00 AM

The cost of an extra bedroom for a large London property is £161,221. This is £20,000 more than the average home in Scotland, new research reveals.

The study from Zoomf.com finds the average price of a three-bed home in London is £396,387, whereas a four-bedroom home in the capital costs £557,608 on average.

The London property website predicts the large gap between three and four-bedroom houses will see many households opting for home improvement over moving home, such as with loft conversions and extensions.

However, the price difference is considerably smaller between one and two-bed properties, at £89,751 on average.

The website reports there are currently 5,698 one-bedroom, 13,655 two-bedroom, 10,636 three-bedroom and 7,916 four-bedroom properties on the market in London.

"The shortage of one-bedroom flats will be a worry for firs-time buyers as the extra cost of a two-bedroom property will be out of the reach for many purchasers. And with property prices continuing to rise in London and the shortage of stock on the market, the situation is only likely to get worse," warned the website.

Mike Carter, co-founder of Zoomf, added: "The price gap between an average three-bedroom and four-bedroom property is so great that it is difficult to see how many people will be able to make the jump."

London property facts

  • Over seven per cent of London properties are on the market for £1million plus.
  • London's most expensive property is currently 47 Belgrave Square, an 11 bedroom Knightsbridge property with an asking price of £35 million, through Savills.
  • The N1 postcode has been the most desirable postcode in London for three months running, accounting for almost a tenth of all property searches in May.
  • The most popular street in London is currently Bishops Park Road, Fulham. The leafy street has been in the top two most-popular locations for the third month in a row.
  • The average weekly rent for a London property is £578.

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The £161,221 cost of a London bedroom

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