Examples, sure:
1ms speedtest.net ping to Hyperoptic
0ms speedtest.net ping to Community Fibre
Really low ping times ( < 1-2ms) are generally only possible in the following scenarios
1. On-net test. Testing to your own ISP-sponsored speedtest server located in the same facility or very close to the broadband network gateway (BNG) where your broadband connection terminates, with minimal geographic distance and network hops. This could all well be out of London, but crucially the speedtest is 'on-net' with optimal distance, routing and no need to traverse the wider internet.
2. Off-net test. Testing to London-based speedtest server if you're geographically within say 10 or so miles of central London. Your ISP would need to have peering/transit into one of the major internet exchanges like LINX or LONAP in the same facility, again with minimal hops. The speedtest server is not on your ISP network, but in the same facility above noted with optimal distance, routing and connectivity. See examples above.
3. A variation of (2) but based say in Manchester, with local internet exchange peering/transit and the corresponding speedtest server in the same or very close to the same facility. The routing would need to be in your favour so that there are no surprise routes to London!
TL;DR - In all scenarios, simplistically the closer you are to the speedtest server the lower your latency.
Edited by Pheasant (Wed 22-Jun-22 02:19:45)