Feb 07, 2023 by HM

House prices in Purley (CR8 4)

This article reveals price per square metre data and various charts to help you understand current housing market in Purley (CR8 4).

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Price per square metre

Knowing the average house price in Purley is not much use. However, knowing average price per square metre can be quite useful. Price per sqm allows some comparison between properties of different size. We define price per square metre as the sold price divided by the internal area of a property:

£ per sqm = price ÷ internal area

E.g. 254, Old Lodge Lane, Purley, sold for £700,000 on Sep-2023. Given the internal area of 141 square metres, the price per sqm is £4,964.

England & Wales have been officially metric for many decades. However house price per square foot is sometimes prefered by those of sufficiently advanced age. They may want to convert metres on this page to square feet.

The chart below is called a histogram, it helps you see the distribution of this house price per sqm data. To make this chart we put the sales data into a series of £ per sqm 'buckets' (e.g. £4,250-£4,500, £4,500-£4,750, £4,750-£5,000 etc...) we then count the number of sales with within in each bucket and plot the results. The chart is based on 127 sales in Purley (CR8 4) that took place in the last two years.

You can see the spread of prices above. This is because although internal area is a key factor in determining valuation, it is not the only factor. Many factors other than size affect desirability; these factors could be condition, aspect, garden size, negotiating power of the vendor etc.

That said, the spread of prices will give you a feel of the typical range to expect in Purley (CR8 4). Of the 127 transactions, half were sold for between £4,450 and £5,580 per square metre. Notably, only 25% of properties that sold recently were valued at more than £5,580m². For anything to be valued more than this means it has to be more desireable than the clear majority of homes.

For the average, we calculate the 'median' or middle price. The median price per square metre in 'CR8 4' is £5,040. The table below shows how 'CR8 4' compares to neighbouring postcode sectors.

Postcode sector	Lower quartile	Middle quartile	Upper quartile
CR8 2 Purley	£4,210m2	£4,810m2	£5,490m2
CR8 3 Purley	£4,340m2	£5,030m2	£5,850m2
CR8 4 Purley	£4,450m2	£5,040m2	£5,580m2
CR8 5 Kenley	£4,490m2	£5,100m2	£5,770m2
CR8 1 Purley	£4,590m2	£5,320m2	£5,990m2

Will Purley house prices drop in 2024?

I cannot tell the future and don't believe anyone who says they can. I can however plot price trends - I have done this in the scatter plot below for CR8 4 (Purley). From this one could infer a range of reasonable possible future price falls or rises. In the chart below, the red dashed line is the house price trend for CR8 4 and the blue dots are the individual property sales that inform this trend.

Disclaimer: The data provided throughout this website about Purley and any other area, is not financial advice. Any information provided does not and cannot ever take in to account the particular financial situation, objectives or property needs of either you or anyone reading this information. Furthermore, I cannot guarantee the accuracy of any data shown. This information is based on sold prices and internal area data provided by Land Registry and other third parties - I do not verify the accuracy of the Purley data or any other data I am given.

Price map for Purley

I've just finished coding the map I link to below. I find it useful and I am sure it will help you in exploring Purley. You can zoom in all the way to individual properties and then all the way back out to see the whole country. The colours show the current estimated property values. I will explain more about the methodology and create a key next week.

House price heatmap for Purley

Street level data

Street	Avg size	Avg £/m2	Recent sales
Aveling Close, Purley, CR8 4D	66m2	£5,488	32
Old Lodge Lane, Purley, CR8 4D	108m2	£4,975	28
Brighton Road, Purley, CR8 4H	96m2	£4,432	21
Haydn Avenue, Purley, CR8 4A	105m2	£5,411	14
Woodcrest Road, Purley, CR8 4J	165m2	£4,733	13
Reedham Drive, Purley, CR8 4D	82m2	£4,482	13
Hartley Down, Purley, CR8 4E	142m2	£4,974	11
Grovelands Road, Purley, CR8 4L	115m2	£5,010	11

Search for your street here.

New build activity

Street	Avg size	Avg £/m2	New build sales
Old Lodge Lane, Purley, CR8 4A	101m2	£5,097	9
Smitham Downs Road, Purley, CR8 4F	64m2	£5,833	9

Old Lodge Lane, Purley, CR8 4A has seen 9 new build sales in the last 4 years (average price £499,448). These new build homes typically have an internal area of 101 m2, with an average price of £5,097 m2. This £sqm average is £57 above the average for CR8 4. New builds typically command a £ per sqm premium so this is normal.

Raw data

Our analysis of Purley is derived from what is essentially a big table of sold prices from Land Registry with added property size information. Below are three rows from this table to give you an idea.

Address	Paid	m2	£/m2
254, Old Lodge Lane, Purley	£700,000 Sep-2023	141	4,964
8, Woodcrest Rd, Purley	£820,000 Aug-2023	200	4,100
103a, Old Lodge Lane, Purley	£760,000 Aug-2023	158	4,810

See the entire list of all sales in Purley (CR8 4) here.