Almost two-thirds of Londoners want to live in a first floor apartment – and the demand is pushing up the average price compared with the equivalent flats on different floors of the same building.
Research carried out by high end estate agent Rokstone suggests that 60 per cent of people looking for an apartment would choose the first floor, while 30 per cent would "settle" for second or third floor rooms. Just five per cent would choose a ground floor or lower ground garden flat, while the same number were looking for a top floor or penthouse apartment.
Looking at property prices over the last three years, Rokstone claims first floor flats now have a 50 per cent price premium over the same flats on different floors in a typical five-storey apartment block.
For example, if an average two-bed flat in prime central London sells for £1.4m, a first floor apartment of the same proportions would be valued at £1.82m, Rokstone said. Ground floor flats would go for 10 per cent less – £1.26m – while top floor and basement flats would fetch around £980,000.
However "true" penthouses – which occupy the whole top floor – could actually be worth up to six-times more than apartments on the lower floors. the estate agent noted. Gardens can add between five and 10 per cent back onto the going rate of a ground floor or basement property.
The research was based on the buying patterns of more than 6,000 clients and contacts looking for central London properties on Rokstone's books.