NEARLY HALF OF HOMES FOR SALE IN LONDON AT £1MILLION HAVE TWO BEDROOMS OR LESS

Data from property website OnTheMarket.com today reveals that around 40% of the homes currently for sale in London between £900,000 and £1.1million have two bedrooms or less.

Around 10% overall have just one bedroom and this includes studio apartments.

When it comes to the rest of the country, only 5% of homes for sale for £1million have two bedrooms or less.

In London, just 41% of properties around the £1million mark for sale have parking with an extra 8% which have a driveway and 71% have access to a garden.

Unsurprisingly Kensington and Chelsea is the most expensive London borough because it provides an average of 1.7 bedrooms within a £1million home.

Following this, Westminster has an average of two bedrooms for a £1million property.

Bexley and Sutton are the best value because they provide an average of 4.5 bedrooms for £1million.

Vikki Bennett, spokesperson for OnTheMarket.com, said: “Despite a £1million home being way out of reach for the vast majority of buyers, this hefty budget still won’t buy a good sized family home throughout much of London.

“Nor does it guarantee the convenience of parking or the pleasure of a garden.

“We also found that half of the homes currently for sale in London at this price are flats or apartments which underlines the difficulties facing families who aspire to own what they consider a ‘family-home’ inside the Capital.”

In London as a whole, the average number of bedrooms purchased for £1million is three and across the UK, the average is 4.6.

Outside the Capital, a one million pound property budget will stretch to up to 6.8 bedrooms in Merseyside and 6.7 bedrooms in Tyne and Wear.

For those with a budget around the £500,000 mark, the average home in London for this amount has 2.5 bedrooms but needless to say in Westminster and Kensington and Chelsea, they are priced out of the market above a one bedroom home.

The data refers to homes for sale between £450,000 and £550,000.

Barking and Dagenham is the best value London borough which gives an average of four bedrooms for £500,000.

The UK average (excluding London) for £500,000 is 3.7 bedrooms.

The table below shows the average number of bedrooms in each London borough for a £1million property.

* Barking and Dagenham is not included in the table because there were no properties for sale at £900,000 to £1.1million.