Date Published 18 July 2016
Following last week`s article, one very interested client of mine was very impressed and intrigued by the figures being outlined by the 1 and 2 bedroom properties that I discussed, as well as their expected square footage measurements. However, as he is much more involved with the larger property investment scene, such as 3 and 4 bedroom properties – which covers Mews Houses, larger flats, terraced houses and Townhouses, he asked me whether I would be able to produce some similar research for him, with these types of residences as my focus points – which of course I gladly said that I would. Thus, similarly to last week, in order to achieve a thorough and comprehensive examination of 3 and 4 bedroom residences in Marylebone, we should take a look at all our main Marylebone postcodes – W1G, W1U, NW1 and W1H, and inspect what sort of offers our property market currently provides for us. Typically speaking, the most premium-priced 3 and 4 bedroom properties in the current Marylebone market are usually found around the W1G area, mainly as a result of the hospital district being located here and it being the most traditionally prestigious area in Marylebone. Whereas the cheapest prices are generally located in and around the NW1 postcode, as it is slightly off the main Marylebone block, even though it incorporates the main Marylebone tube & rail stations, but nonetheless it widely drifts towards Lisson Grove and shares its area code with much of Regent`s Park and King`s Cross – making it not an exclusive Marylebone district. With regards to square footage prices, 3 bedroom properties across our 4 Marylebone postcodes fall between: £1,300 to £2,100 per square foot on average; whilst this is stretched to £1,400 to £2,200 per square foot generally for 4 bedroom properties. Well returning to the task at hand, in order to not only aid my client, but also provide an informative article for all of my readers, I will be analysing a great list of 3 and 4 bedroom properties that have currently been listed for sale in the Marylebone market, and which systematically also fall within our chosen postcodes. I will be checking out the asking prices of all the properties currently being displayed in the market, where I will be generating a price range from the cheapest to the most expensive properties that presently make up the Marylebone market; followed by an average asking value for each postcode. Furthermore, I will also be generating a square footage range that the smallest and the largest properties currently provide us with, and in turn calculating the average square footage readings that are present in each postcode. Lastly, I will be merging my average property value findings with my average square footage readings for each area, where I aim to acquire an estimated price per square foot for each postcode in the current market – with particular attention towards 3 and 4 bedroom residences.
Marylebone - W1H:
3 Bedroom Properties for Sale: Current Price Range: (£949,000 - £3,250,000) - Average Property Value: £2,208,166 - Square Footage Range: (853 – 2,020 sq ft) - Average Square Footage: 1,318.80 sq ft – Market Price per Square Foot = £1,674.37
4 Bedroom Properties for Sale: Current Price Range: (£1,195,000 - £3,950,000) - Average Property Value: £2,439,166 - Square Footage Range: (860 - 2,359 sq ft) - Average Square Footage: 1,591.44 sq ft – Market Price per Square Foot = £1,532.67
Marylebone - W1U:
3 Bedroom Properties for Sale: Current Price Range: (£1,350,000 - £3,950,000) - Average Property Value: £2,544,995 - Square Footage Range: (783 – 2,013 sq ft) - Average Square Footage: 1,490.28 sq ft – Market Price per Square Foot = £1,707.72
4 Bedroom Properties for Sale: Current Price Range: (£2,400,000 - £3,950,000) - Average Property Value: £3,148,125 - Square Footage Range: (1,550 - 3,200 sq ft) - Average Square Footage: 2,116 sq ft – Market Price per Square Foot = £1,487.77
Marylebone - W1G:
3 Bedroom Properties for Sale: Current Price Range: (£1,850,000 - £3,750,000) - Average Property Value: £2,849,985 - Square Footage Range: (1,284 – 1,592 sq ft) - Average Square Footage: 1,420.60 sq ft – Market Price per Square Foot = £2,006.18
4 Bedroom Properties for Sale: Current Price Range: (£3,750,000 - £4,000,000) - Average Property Value: £3,916,665 - Square Footage Range: (1,570 – 2,110 sq ft) - Average Square Footage: 1,921.33 sq ft – Market Price per Square Foot = £2,038.51
Marylebone - NW1:
3 Bedroom Properties for Sale: Current Price Range: (£730,000 - £3,250,000) - Average Property Value: £1,661,166 - Square Footage Range: (746 – 1,680 sq ft) - Average Square Footage: 1,231.17 sq ft – Market Price per Square Foot = £1,349.25
4 Bedroom Properties for Sale: Current Price Range: (£1,500,000 - £4,250,000) - Average Property Value: £2,497,912 - Square Footage Range: (1,217 – 2,456 sq ft) - Average Square Footage: 1,732.33 sq ft – Market Price per Square Foot = £1,441.93
From our results, it is evident that there is a great and diverse range of 3 and 4 bedroom properties currently available on the market, which varies considerably between different sub-areas within Marylebone, in terms of their asking prices as well as their square footage capacities. 3 bedroom properties across our four Marylebone postcodes differ in value up to £2,520,000 between properties even in the same area, and feature varying square footage measurements of up to 1,230 sq ft. As for 4 bedroom properties, the same principle applies and these homes vary in their asking prices up to £2,750,000 from the cheapest to the most expensive ones, and range in size up to 1,650 sq ft between the largest and smallest properties of the same type. If we now combine all our chosen areas, we can calculate that Marylebone`s current average asking price for 3 bedroom properties is £2,316,078, which dramatically increases to £3,000,467 for 4 bedroom dwellings. Moving onto the average asking prices, just like it was shown to be for 1 and 2 bedroom properties in last week`s article, the NW1 area is once again illustrated as the cheapest area for 3 bedroom residences with an average asking price of £1,661,166, but contrastingly it is the W1H area which at present provides us with the most cost-effective 4 bedroom properties on the market, arriving at an average price of £2,439,166. On the opposite end of the spectrum, W1G retains its reputation as the most expensive area, with not only 2 bedroom properties as it did last week, but also for 3 as well as 4 bedroom properties here too; 3 bedroom properties portrayed an average asking price of £2,849,985, whilst 4 bedroom prices launched up to £3,916,665. To discuss square footage measurements next, I can tell you that the current Marylebone market presents us with 1,433.37 sq ft on average for 3 bedroom properties, and an expectedly higher 1,840.27 sq ft on average for the 4 bedroom big brothers. Nonetheless, once we magnify all our districts, it is shown that the highest square footage averages feature in the W1U area for both 3 and 4 bedroom properties; whereas the lowest square footage measurements are typically found within the NW1 circumference for 3 bedrooms, and in the W1H perimeter for 4 bedroom properties. Arriving at our final investment indictor, ‘market prices per sq ft`, we can see that Marylebone as a whole currently possesses an average market price per sq ft of £1,684.38 for 3 bedroom homes, which is actually slightly cheaper at £1,625.22 for 4 bedroom abodes. The most impressive combination of square footage measurements and average asking prices can be found in the NW1 area, which maybe expectantly by now, provides us with the best market price per sq ft rates for both 3 and 4 bedroom properties. Conversely, the priciest deals in terms of market value per sq ft are for the moment (and I imagine for the near future) being displayed in the W1G perimeter for 3 as well as 4 bedroom homes. To conclude our investigation, we can see that the NW1 perimeter presently possesses the best combination of asking prices and value per square foot and most commonly can be associated with featuring the cheapest property deals. Nonetheless, price isn`t always everything and many investors will be more inclined to pay more premium prices to set up camp in Marylebone`s more prestigious and more centrally located W1G, W1H and W1U blocks. In addition, as the W1G area portrays, there are other benefits to investing in the neighbouring Marylebone postcodes such as: higher square footage levels, more valuable services and amenities, as well as a potentially higher demand from prospective tenants. There is simply no right or wrong answer between the different Marylebone postcodes, you just have to weigh up each property deal as it comes and make a calculated investment decision!
Should you, like many other aspiring Marylebone clients, find the larger property investment scene in Marylebone increasingly appealing, please know that I am always available for contact and willing to answer and advise you on any queries you may have. Bargain deals can of course be found across all 4 of our main Marylebone postcodes, so if you`ve seen anything particularly interesting, don`t hesitate from acquiring a second opinion!