Are London Studio Flats Underrated?

Who in their right mind would purchase a studio flat to live in, right?

They’re small…

They don’t have a separate bedroom…

Surely they’re really to buy as investment properties?

Well, let’s have a look into the pros and cons (or ‘cons and pros’ as I’m starting with the cons first!)…

Cons:

  • They are clearly small properties.

  • They typically have a lower sale value, hence they are not always the best properties to actually purchase.

  • With coronavirus, could buying a studio flat become even less desirable in the future, thus further affecting resale value?

  • It often feels cramped when a couple is living in a studio flat.

  • Less overall space tends to mean less storage space.

  • You have to use every square foot of space as efficiently as possible.

Pros:

  • They offer potential home buyers the opportunity to live in postcodes such as SW1, W1, SW3, etc, when they may not be able to if they were looking to buy a 1 bed flat.

  • They are perfect as a pied a terre.

  • They allow people the opportunity to live in the heart of London (or a similar city in England!).

  • If you buy a larger studio flat, there could be the potential to convert it to a 1 bed flat, thus raising it’s value.

  • Your heating costs will likely be lower.

  • You could (potentially - if there is enough room) create a mezzanine level for your bed, making it feel more separate to the living area.

So, have any of these cons and pros made you consider looking into buying a studio flat?


“If you buy a larger studio flat, there could be the potential to convert it to a 1 bed flat, thus raising it’s value.”


Let’s look at some recent sales in the SW1, W1 and SW3 postcodes:

SW3

Size= 190 sq ft studio flat.

Sold Price= £315,000.

Price/ sq ft= £1,658.

SW1

Size= 420 sq ft studio flat.

Sold Price= £545,000.

Price/ sq ft= £1,298.

W1

Size= 442 sq ft studio flat.

Sold Price= £480,000.

Price/ sq ft= £1,086.

SW3

Size= 288 sq ft studio flat.

Sold Price= £475,000.

Price/ sq ft= £1,649.

SW1

Size= 272 sq ft studio flat.

Sold Price= £380,000.

Price/ sq ft= £1,397.

W1

Size= 248 sq ft studio flat.

Sold Price= £285,000.

Price/ sq ft= £1,149.

Would you look into buying a studio flat in the heart of Prime Central London if you were buying at these price ranges?

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