Central London: 4 Bedroom Flat For £1,500,000
Is it possible to actually find (and buy!) a 4-bedroom flat in Central London for around the £1,500,000 price mark?
A number of young families choose to buy 4-bedroom flats that are more central when they have a young family, instead of moving to the suburbs or to the Home Counties…
This is usually because they prefer being in the thick of the action and don’t want to give that lifestyle up just yet, which is totally understandable.
Looking on the online portals, there are between 46 and 59 4-bedroom flats available in Central London depending on what portal you use…
Searching for a 4 bedroom flat in Prime Central London (and I mean ‘true’ Prime Central London - aka PCL) for £1,500,000 is much more difficult… Only 8 to 13 flats come up depending on what portal you use…
The truth is that you will be very hard pressed to find a flat that most people would describe as being their ‘dream 4-bedroom flat’ in PCL for £1,500,000 or less.
Also, a number of these flats tend to be valued at £1,500,000 or less due to the fact that they will have a short lease, which in both the short-term and the long-term is not good!
Looking for a 4-bed Central London flat with between 46 to 59 options sounds promising, however, lots of couples who are planning for children or indeed have young children will be in the market for the same kind of ‘product’ - a 4-bedroom flat in Central London - therefore making it difficult to secure said kind of flat thanks to increased demand and limited supply.
Pockets of the Hyde Park Estate - in between Marble Arch underground station and Paddington underground station - and Westminster offer a range of 4-bedroom flats and many of them have long leases.
“Another option is to look for a large 3 bedroom flat that could be converted into a 4 bedroom flat.”
So, to answer the initial question of “Can You Buy a 4-Bedroom Flat in Central London for £1,500,000?”…
The answer is a resounding “yes"!”…
However, they are not easy to find and of course they will not come with off-street parking and are very unlikely to have private outdoor space in the form of a patio or garden (although a private balcony is a more common find in certain areas)…
The further that you move out of Central London, the more you obviously get for your money…
If you were prepared to move your search into prime areas outside of Central London, such as Richmond-Upon-Thames or Wandsworth, there are many more 4-bedroom flats on the market that tend to come with a long lease and even sometimes a share of the freehold that often have parking available and can come with a private patio or garden.
There are a total of 73 4-bedroom flats in Richmond-Upon-Thames and Wandsworth compared to the 8 to 13 flats in PCL - a huge difference…
Another option is to look for a large 3 bedroom flat that could be converted into a 4 bedroom flat, especially if you are going to be using the fourth bedroom as a dedicated office (or guest bedroom!) instead of using it as a full-time 4th bedroom.
In terms of the condition of these flats, of course they can and will vary greatly from flat to flat, area to area and indeed street to street.
You may well be looking at a flat that needs extensive internal renovations or a 4th floor or 5th floor walk up - a flat with no lift.
However, if that’s the sacrifice that it took to live in PCL or Central London in a 4-bedroom flat that you could grow into the for the next 4/5/6 years, is that the route that you would be prepared to go down?
Or, would you move outside of PCL and Central London to a prime area like Richmond-Upon-Thames or Wandsworth?
Or, would you move even further out to a London suburb or the Home Counties, where you could potentially afford a family house with off-street parking and a good sized private garden?