Looking at the available 1 & 2 bedroom flats currently listed on the Marylebone property market... which postcode provides us with the most cost-effective asking prices, with good value for square footage rates?!

Date Published 11 July 2016

Over the past couple of days, I have received a number of enquiries asking me to concentrate and explore the properties currently available on the Marylebone market in greater depth. If you`re a regular reader of my blog, you will know that I usually generate my figures from, and base my estimations on entire areas/streets/postcodes, using all the properties that can be found there - whether they be for sale in the market or merely helping to provide us with an average valuation. However, this week I will be solely focussing on the properties currently being displayed on the market – namely 1 and 2 bedroom flats, where I will be examining all four of the main Marylebone postcodes: NW1, W1H, W1U and W1G. So what has spurred me on?... Well a particular investor that I am regularly in contact with has requested that, although he finds calculations and research involving entire/specific perimeters, which take on board all the residences in the area, very informative and in fact essential for understanding the investment prospects of the area, he would like a slight shift in focus more towards the specific properties that he should be concentrating his attentions on. Like a couple of other individuals that I have spoken to this week, he too is now ready to invest in a property and is exclusively interested in what is available on the Marylebone market right now, the prices attached to these properties, and the amount of square footage that can be expected from them. In addition, one specific investor asked me where I believed the most cost-effective property prices could be located in Marylebone, and whether there was a significant difference between postcodes. I responded that with Marylebone there is indeed a great dissimilitude between property prices and different perimeters encompassed within Marylebone, for each postcode provides different services as well as attractions. Whether you encounter a need for educational establishments - such as top Universities or schools, a desire to be closer to the highly-regarded hospital district, a wish for a quiet residential area, or even a bustling shopping environment – Marylebone has it all, you just have to match your circumstances to the correct area and property type. A growing number of people in recent years have also been convinced of Marylebone`s investment capabilities, where research has outline that around 12% of Marylebone`s buyers (within the two years, preceding November 2015) had come from Mayfair, 4% from Hampstead as well as Canary Wharf, and 3% of new buyers were made up from those previously active in Kensington along with Belgravia. So what sort of properties are currently causing this commotion and attracting so many buyers into the area, and which Marylebone postcode should we magnify our attentions upon? In order to carry out this investigation, I will be checking out a wide selection of 1 and 2 bedroom properties that are currently on the Marylebone property market, and which fall into our selected postcodes. I will be gathering the prices of all the properties currently for sale in each postcode, producing a current price range from the cheapest to the most expensive properties, and from this, generating an average property value - which you can take to be the expected property pricing mark for the particular property type. In addition, I shall also be collecting the square footage measurements from each property on the market, and in turn generating a square footage range from the smallest to the largest properties available. Subsequently, I will proceed to calculate the average square footage readings, which will give us a good idea of what sort of property sizes we should be keeping our eyes peeled for. Finally, to combine my two averages (the average property value and the average square footage reading), I intend to acquire an approximate price per square foot in the current market, for each property type and for all the representative Marylebone postcodes.

Marylebone - NW1:

1 Bedroom Flats for Sale: Current Price Range: (£450,000 - £1,000,000) - Average Property Value: £725,829 - Square Footage Range: (397 – 809 sq ft) - Average Square Footage: 580 sq ft – Market Price per Square Foot = £1,251.42
2 Bedroom Flats for Sale: Current Price Range: (£625,000 - £1,850,000) - Average Property Value: £1,246,446 - Square Footage Range: (541 – 1,239 sq ft) - Average Square Footage: 859.58 sq ft – Market Price per Square Foot = £1,450.06

Marylebone - W1H:

1 Bedroom Flats for Sale: Current Price Range: (549,950 - £1,499,995) - Average Property Value: £806,403 - Square Footage Range: (374 – 700 sq ft) - Average Square Footage: 572.42 sq ft – Market Price per square foot = £1,408.76
2 Bedroom Flats for Sale: Current Price Range: (£625,000 - £2,700,000) - Average Property Value: £1,505,923 - Square Footage Range: (554 – 1,329 sq ft) - Average Square Footage: 911 sq ft – Market Price per Square Foot = £1,653.04

Marylebone - W1U:

1 Bedroom Flats for Sale: Current Price Range: (£595,000 - £1,500,000) - Average Property Value: £1,013,384 - Square Footage Range: (397 – 837 sq ft) - Average Square Footage: 591 sq ft – Market Price per square foot = £1,714.69
2 Bedroom Flats for Sale: Current Price Range: (£825,000 - £2,400,000) - Average Property Value: £1,601,857 - Square Footage Range: (649 - 1,648 sq ft) - Average Square Footage: 924.57 sq ft – Market Price per Square Foot = £1,732.25

Marylebone - W1G:

1 Bedroom Flats for Sale: Current Price Range: (£625,000 - £1,550,000) - Average Property Value: £1,008,333 - Square Footage Range: (465 – 700 sq ft) - Average Square Footage: 618 sq ft – Market Price per Square Foot = £1,631.60
2 Bedroom Flats for Sale: Current Price Range: (£1,100,000 - £3,475,000) - Average Property Value: £1,866,958 - Square Footage Range: (733 – 1,400 sq ft) - Average Square Footage: 1,012 sq ft – Market Price per Square Foot = £1,844.82

Taking a good look at our findings, we can see that each Marylebone postcode provides a great variety of properties in their perimeters, where flats of the same type vary dramatically in both price and their square footage measurements. To explain, for 1 bedroom properties across our four Marylebone postcodes, prices in each area often vary up to £1,000,000 from the cheapest and most expensive properties, and range in size up to 450 sq ft from the smallest to the largest homes. This element of fluctuation is even greater for 2 bedroom properties with price differences stretching up to £2,000,000 in the same areas, and square footage figures broadened to differences of up to 1,000 sq ft. This shows us that in overall there is plenty of choice to be found in each postcode, which caters to a wide variety of budgets and space requirements, making Marylebone an ideal and well-equipped Central London hot-spot to set up an investment stronghold within. Bringing together all our Marylebone postcodes together, we can calculate that the current average asking price in the Marylebone market for 1 bedroom properties is approximately £888,437, which almost doubles itself to £1,555,296 for residences with 2 bedrooms.

With regards to average asking prices, the NW1 perimeter is portrayed to be the cheapest postcode for both 1 and 2 bedroom properties, with a difference of £80,574 for the former and an even more significant contrast of £259,477 for 2 bedroom properties, in comparison to the W1H area which demonstrates itself to be the second cheapest postcode for both these property types. Conversely, W1G is shown to be the most expensive area to buy a 2 bedroom property in the current market, and whilst also sharing this high-priced attribute for 1 bedroom properties as well, W1U is narrowly shown to be the most costly by a margin of £5,051. As for square footage expectations, Marylebone as a whole, and across our 4 representative postcodes, is shown to offer an average 590.35 sq ft for 1 bedroom flats, and a naturally higher 926.78 sq ft for 2 bedroom flats. The highest square footage averages are shown to be encompassed within the W1G area, with property measurements the largest here out of Marylebone`s current stock for both 1 and 2 bedroom properties. However, the area offering us the lowest average square footage readings for 1 bedroom properties at the moment is W1H, whilst Marylebone`s NW1 at present offers us the smallest square footage expectations for 2 bedroom properties. Lastly, when we combine our two major factors here – square footage and average asking prices, we see that Marylebone as a whole currently offers us an average market price per square foot of £1,501.61 for 1 bedroom flats, which is a slighter higher figure of £1,670.04 for two bedroom flats. The best combination of square footage and average asking prices can undoubtedly be found in the NW1 part of Marylebone, which possesses the best current market price per sq ft for both 1 and 2 bedroom residences. Regarding the rest of our postcodes, the least financially-luring deals are currently being portrayed in W1G for 2 bedroom flats, with the most expensive ratio between property prices and square feet being portrayed here; as for 1 bedroom flats, W1U for this present moment is demanding the most expensive prices per square foot for their featured properties. In conclusion, we are led to suppose that the NW1 perimeter presently possesses the best combination of bargain asking prices and value per square foot; it can certainly be seen as the most economical part of Marylebone to invest in, with respect to the properties currently available to buy here. However, as the market proves there is a great variation between prices and square footage measurements throughout all our Marylebone postcodes, and bargain deals can of course be found throughout the area. W1G proves itself to possess the greatest concentration of square feet per property on average - and thus the most spacious homes, whereas NW1 slightly lacks in this department; so ideally each area should draw a different suitability for potential investors and cater to their various property requirements.

If you would like to find out more about any of our Marylebone postcodes, whether this revolves around asking prices in any specific perimeter, expected square footage measurements, or even particular properties you may have your eye on - please contact me with any enquires you may have. Properties in each of our Marylebone postcodes often vary dramatically from each another and it can often be essential to talk to experts focussed on the area, so that you avoid unnecessary costs and can attract the most promising investment opportunities currently available on the market.