London estate agency Marsh & Parsons has revealed that homes with Thames views can fetch up to 50% more than homes without such a view
The research lands just in time for Sunday’s annual Cancer Research UK Boat Race, as those with riverside homes along the Putney to Mortlake race route will enjoy prime views without having to deal with the crowds.
The price difference is particularly noticeable in new housing developments lining the banks of the Thames along the 6.8km race route, which is particularly busy during the boat race. Prime properties with river views can command a significantly higher asking price. On average, homes overlooking the famous rowing race attract a premium of around 20%, compared to like-for-like properties.
A two-bedroom flat with direct river views at King Henry’s Reach (located on the Middlesex side of the course on the approach to Hammersmith Bridge), is currently on the market with Marsh & Parsons for £1,250,000 – equivalent to £1,275 per sq ft. But the price of a comparative two-bedroom apartment in the same gated development without any outlook onto the river is £825,000 – £425,000 lower – which means a river view adds a 52% premium.
Similarly, Marsh & Parsons recently sold an almost identical flat in neighbouring Lords Court for £956 per sq ft without a river view – that’s 25% less than the river-view property.
‘A river view definitely comes with a considerable premium in this part of town,’ says Matthew Hodder-Williams, Marsh & Parsons’ Associate Director and Sales Manager for Bishop’s Park, ‘and properties with outstanding views don’t stay on the market for long. I recently took a buyer to view a sixth-floor flat overlooking the Thames. It was high tide and the sun was setting just as a four-man scull went up river. It was an amazing sight and you would hardly know that you were in a capital city.’
On the opposite Surrey bank of the river – near the mile post in the Oxford and Cambridge race – there is a significant price difference between similar apartments with and without a river aspect in Handel Mansions on the outskirts of Barnes Village. A two-bedroom flat with beautiful views over the Thames is for sale for £1,450,000, while another two-bedroom flat on the ground floor of the same development with a restricted river view sold by Marsh & Parsons for £950,000 in 2013.
‘The panorama you get from this building is something special,’ says Samuel Bide, Marsh & Parsons Sales Manager for Barnes. ‘On one side you’ve got the river, and on the other the London Wetlands Centre with sheep and cattle grazing, and great bird life. But combined with the feeling of nature, you can also see right across the centre of the capital to the Shard. Apartments in this development rarely come onto the market, so we do see impressive price rises when they do. For this wow-factor, buyers are prepared to pay a premium, and will move quickly to snap up these prime properties.
‘As a general rule of thumb, for a river view in Barnes you can expect to pay £1,100 per sq ft and for an apartment without that same appeal, between £900 and £1000 per sq ft,’ continues Samuel.
But, you know, the boat race doesn’t happen everyday…
‘The Oxford-Cambridge boat race is a landmark annual fixture in London’s social calendar – but the whole event lasts about 16 minutes from start to finish,’ says Liza-Jane Kelly, Sales Director of Marsh & Parsons. ‘It’s not because the famous crews row past your window that value is added to these waterfront properties. While it means everyone may want to attend your party on 27 March, it’s the year-round appeal of living with a river panorama that buyers are willing to pay a premium for. In a capital city, securing an impressive outlook over the Thames is one way to guarantee a sense of space and light, plus that all important wow-factor.’