London homes with the best views of the River Thames command prices over a third higher than their neighbours off the river, according to new analysis from a leading international property consultancy.
Researchers at Savills studied all sales within 100 metres of the river last year, on a stretch between Teddington Lock to the west and Royal Docks to the east, and found the average price of a home with a direct view of the river was 18-20 per cent more than the average for properties within one kilometre of the river.
A south bank location in central London commands the highest premium, with prices over a third (35.4 per cent) higher than neighbouring properties away from the river, with the average waterfront flat selling for £575,000. Further away from the river the average selling price was just £425,000.
However, the most valuable central London waterfront locations are found along the north bank, though the river view comes with a relatively modest 16.3 per cent premium relative to close neighbours. Here the average flat has a price tag of £960,000 but that compares to an average of just £825,000 within a kilometre of the river.
Unsurprisingly, the most affordable river views are found to the west and east of central London, where the average flat sold at just under £500,000.
“Average prices on the river suggest there is still some value to be had for waterfront locations compared to prime central London”, says Natalie Ingham, Savills residential research analyst.
“Over the next few years, the regeneration of areas such as Victoria and the development led growth around Nine Elms and South Bank – including Battersea Power Station, Riverwalk and the Shell Centre – will extend the boundaries of the prime waterfront market.”