Homebuyers that want a “room with a view” in London are facing house price premiums of up to 140%, the latest research by Benham and Reeves has found.

The London lettings and estate agent found that a property with a good view in London, on average, costs just over £1m, which is 93% more than the overall average London house price of £525,629.

Benham and Reeves state that a good view might entail cityscapes, riversides, or green space for those in most suburban boroughs.

The largest premium for a room with a view is in the borough of Lambeth, where the average price is set at £1.3m. This works out as 137% more than the average asking price for a property in the borough, which stands at £545,537.

Other boroughs which see a premium for a room with a view hit over 100% the average asking price include Merton (120%), Kensington & Chelsea (109%), Lewisham (108%) and Enfield (105%).

The research also found that Harrow was the best borough to buy a room with a view property, with premiums just 17% (£602,080) more than the average house price of £512,866.

Other areas which include premiums under 50% included Brent (25%), Ealing (26%), Barnet (35%), Bromley (38%) and Newham (48%).

Director at Benham and Reeves, Marc von Grundherr, said: “The best views that London has to offer are going to cost you a lot of money. It’s a case of supply and demand. In a largely flat city which is densely populated with buildings, truly majestic views are relatively few and far between.

“That’s why any homeowners who are sitting on a great view can always be confident that their property will achieve a hefty price premium even in a cooling housing market. A room with a view is akin to being within two minutes’ walk of a tube station – completely immune to wider market conditions and always in high demand.”

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