A room with a view always comes at a price. But that premium can be as high as 70 per cent when buying a property in London with a view of the river Thames, according to research from Cluttons.
The estate agency said homes for sale on the river or with views of the Thames can fetch premiums of up to 67 per cent compared with other properties that don't and as much as 73 per cent for rental properties.
Riverside homes on the Southbank come with the most expensive price tag, setting buyers back a cool £2,000 per sq ft compared with £1,200 per sq ft for those without views in the same area.
Next in line was Tower Bridge, where homes with a window onto the Thames can fetch a 50 per cent premium compared with those properties which don’t, at £1,500 per sq ft.
Prime properties along the river in Battersea can cost up to £1,200 per sq ft, compared with £900 per sq ft for those without a view, followed by £1,100 per sq ft in Putney, £1,000 per sq ft in Wapping. In Canary Wharf, river properties are slightly more affordable at £900 per sq ft but the premium is greater than Wapping or Battersea at 38 per cent.
James Hyman, Cluttons head of residential sales, said, “Buyer interest in homes either on the Thames or offering views across the iconic river remain extremely buoyant. The most significant premiums are achieved from Wapping to Westminster, which includes Shad Thames and the Southbank.”
He said that Wapping in particular has grown in popularity since 2010 when the London Overground service launched and improved connections to the City and Canary Wharf.
People renting flats in those areas are also paying a hefty premium for river views, with Wapping topping the chart at £950 per week, which is 73 per cent more than a non-riverfront home. Southbank prime riverfront rents attract £1,500 per week, achieving a 67 per cent premium, as does Tower Bridge with rents of £1,000 per week.