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Many properties in Westminster are deemed ‘underpriced’

New research claims that almost three quarters of properties in the London Borough of Westminster are underpriced – the greatest proportion of anywhere in the capital. 

Indeed, fintech property firm Proportunity suggest that house prices could make a sharp post-Brexit recovery following over three years of stagnation since the UK voted to leave the European Union. The research also points out that investors and first-time buyers have an opportunity to cash in if they are able to buy now, while prices remain relatively modest. 

Vadim Toader, founder and chief executive of Proportunity, said: “It’s no surprise to anyone that central London’s housing market has been hit hard by Brexit and stamp duty reforms, but our analysis reveals the true scale to which property prices have been hit, with the vast majority of homes in highly desirable areas such as Hammersmith and Fulham found to be under-valued.

“While these properties remain expensive compared to the rest of the country, buyers wanting a relative bargain might not want to hesitate for too long.”

The same study also suggested that 72% of properties in Kensington and Chelsea are undervalued, while 71% of those in nearby Hammersmith and Fulham are also undervalued. Meanwhile, the scale of undervaluation was also found to be high in both Kingston upon Thames and Camden, with figures at 69% and 65% respectively. 

By contrast, Newham was found to have the smallest proportion of undervalued properties at just 36%, followed by Redbridge at 37%, Enfield at 41%, the City of London at 42% and Tower Hamlets at 43%.

Proportunity revealed it works out the true value of properties by analysing thousands of data points on everything from floor space to local crime stats. It also suggests that the lack of value found in outer boroughs can be attributed to a high proportion of new builds developed in recent years. 

Additionally, strong growth has been recorded in most of these areas in recent months, so the potential for further growth in the coming months is not as strong as elsewhere. 

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