The purchasing power of £1m varies dramatically across the boroughs of London and indeed the rest of Great Britain
Our analysis of properties sold for between £900,000 and £1.1 million in the year to April 2021 suggests that £1 million buys an average of 1,389 sq ft in London. With the quality of an address coming at a sizeable premium, that is only 36% larger than the average-sized home in the capital.
Across the rest of Great Britain that average increases to 2,382 sq ft, meaning your £1 million will buy you just over 70% more space. Little wonder that we have seen such strong demand from London buyers looking to move beyond the M25 in their quest for space.
… and how many square feet will £2m buy you?
Similar analysis of sales between £1.8 million and £2.2 million shows that an extra £1 million buys a further 746 sq ft on average across London, as the quality of a home and its location become even more important whether you are buying in central London or other micromarkets in the capital. That premium for location is perhaps even more important in the context of the coast. It somewhat surprisingly means the £2 million-plus homes that exist in Cornwall and Devon provide 728 less square feet on average than those in Hertfordshire and Surrey.