Location really is everything in the property market if the comparison between one Exeter and one London home is anything to go by.
A small one bedroom flat in central London is today on the market – for more than the price of a 14-bedroom Exeter mansion that is also up for sale.
The London pint-sized pied-a-terre has just 336sq/ft of space, which is around the size of a large master bedroom. It was originally a studio flat but a screen has been installed to create a separate bedroom for the property in Victoria – it is now believed to be the smallest in the capital.
The property, less than a mile from the House of Commons and Big Ben, has been put on the market for £449,000 – £50,000 more than the 14-bedroom Exwick Old Manor.
The Devon property is a 14-bedroom period house built in Exeter in the 1870s by William Gibbs, a religious philanthropist and wealthy businessman.
It has eight bathrooms, is 20 times the size of the London flat and the dining room is larger than the entire one-bedroom flat
It also comes with its own chapel, an acre of land and a huge conservatory.
Across London as a whole, the average home is now worth more than half a million pounds, according to the latest Land Registry figures.
The average price in Greater London is currently £523,953. This is compared to the average house price in of £177,766 in the rest of the country.
The mansion is on the market with Jackson Stops & Staff, while Druce are offering the studio.
Despite costing £449,000, the agent selling the flat believes it is attractively price.
Simon Armitage from Druce, South Kensington and Chelsea, said: 'This studio offers good value for the central London location - at £1,300 per sq/ft it is £300 - £400 cheaper per sq/ft than a similar property in South Kensington.
'It is also offered on a sought-after long lease.'
