Three-bedrooms in London are becoming increasingly rare, as many property owners seek to limit their families’ travel and housing options to their properties.
In a new report, property website FourFourSecond says that, for the first time in more than a decade, one-bedroom flats in London have become less popular than one-bedroom houses.
“London is starting to feel like it’s getting back to its nature, rather than its current state,” says FourFour, the home equity research company that is helping lead the survey.
“But this has been particularly pronounced in the last year.”
It cites the rising number of two-bedroom flats, and the rise in rents, as examples of the trend.
However, the data is not definitive.
Some data is available from 2016, while others have come from last year.
FourFour said it does not have a data source for the data used in its report.
The report comes as a survey from property consultancy Re/Max found that Londoners are spending significantly more on their homes than the rest of the country.
A third of the people surveyed said they were buying more than they need for their house.
The data showed that London households spend more than $7,000 per household on their properties, compared to about $1,500 in the rest and just over $1 in the US.
Londoners also spent more than US$2,000 on their houses compared to $1.10 in the United States, which is higher than the national average of $1 per person.
FourFive has also said that London’s two-bed house rate is rising at a rate of nearly two per cent a year.
“In the last 12 months, the rate of house price growth in London has grown at an annualised rate of 0.5 per cent,” the report said.
“This is more than double the rate in the country overall.
The UK is on track to be the first country in the world to have two-thirds of the world’s two bedroom houses by 2040.”
The report says that the rise of the super-rich in the capital is contributing to the trend, with the top 20 richest individuals owning an average of about three-quarters of the city’s total assets.
The super-wealthy can use their super-charity status to buy property, which can then be sold at market prices.
The study also found that in 2016, the average price of a one- and two-storey house in London was $1 million, while the average in the UK was $3.5 million.
It also found London’s median rent for a one bedroom was $2,750 in 2016.
The average price for a two bedroom was more than twice that.
The research also found a “significant rise in house prices in the outer boroughs”, with the median house price in Barking and Dagenham rising from $1m in 2015 to $4m in 2016 and London Borough of Camden from $2.5m in 2014 to $3m in 2017.
In 2020, the capital had the second highest average house price after the UK, behind London, which had the highest average rent.
The city also recorded the second largest increase in the number of one- or two-person homes.
It was followed by the capital’s outer borough of Camden with an average house prices increase of just 1.4 per cent.
The analysis was carried out by real estate research firm CBRE, which analysed data from property and estate agents in the four boroughs, from January to March 2017.