Tag Archives: real-estate
Average House prices in England and Wales up 8.4% year on year
Average house price in England and Wales increased 1% in August to reach £177,824, according to the latest index from the Land Registry. The data also shows that prices have increased by 8.4% year on year and are now not far from the peak of £181,383 in November 2007. Overall over 82,600 residential properties in England and Wales lodged for registration in August ranging from £13,000 to £24.5 million. The biggest price increase was in London with a year on year rise of 21.6% and London also experienced the greatest monthly rise with growth of 2.7% in August. The North East saw the lowest annual price growth with a rise of 3% and both the South West and the North West saw the most significant monthly price fall of 0.1%. The most up to date figures available show that during June 2014 the number of completed house sales in England and Wales increased by 11% to 73,158 compared with 66,123 in June 2013. The number of properties sold in England and Wales for over £1 million in June 2014 increased by 34% to 1,135 from 848 in June 2013. Jonathan Hudson of West End estate agent Hudsons Property, pointed out that while London is well beyond the average price in 2007, it is interesting to see the rest of the country is almost there too. ‘However, with London and the South East making up the majority of the average prices, it shows some parts of the UK are someway adrift, still more so than this figure suggests,’ he explained. ‘The annual 8.4% increase in August will be from transactions agreed a few months earlier, so it will be interesting to see how these figures match up in a few months’ time, due to a drop in buyers in the last quarter compared to the recent boom years,’ he added. He also pointed out that while some areas in the UK are still struggling with regards to getting close to the average price of 2007, with the economy moving in the right direction, and with stricter lending, hopefully repossessions will decrease further,’ he said. Continue reading
London’s Mayfair once again becoming top prime market
Mayfair has not always justified its status as the premier address on the London Monopoly board but it is now on track to be a prestigious location again. Construction of its mansions and garden squares began in the early eighteenth century and what was once farmland became London’s most exclusive neighbourhood. However, the Second World War dented its desirability as a residential district, with businesses moving to Mayfair because their offices in the City had been destroyed and in recent decades, as post-war temporary office permissions expired, properties have been converted back to residential use. However, according to research by international real estate firm Knight Frank there is a more profound change underway. The premium nature of the development pipeline indicates a step-change taking place in relation to quality and pricing in Mayfair. ‘With achieved prices for the best new build schemes approaching, and in some cases exceeding, £5,000 per square foot, Mayfair is on track to regain its status as London’s premier address and merit its position of supremacy on the Monopoly board,’ said Knight Frank’s tom Bill. He added, that in addition to an abundance of Michelin starred restaurants and five-star hotels, Mayfair’s reputation for exclusivity derives from the high number of private member’s clubs, embassies, Royal residences and high-end shopping streets. ‘Mayfair has not had a residential pipeline with such an overwhelming focus on quality for several decades. It is symptomatic of how developers are addressing the increasingly stringent demands of buyers in prime central London, and has led to a step-change in relation to quality and pricing for the best residential property in Mayfair,’ he explained. Also, buyers, particularly in higher price brackets, are less loyal to particular areas of London and have become more product-driven. ‘As more buyers look north of Hyde Park for the right property rather than the right postcode, successful Mayfair developers are combining the cachet of the area’s name with the sort of exceptionally high-quality finish and services that buyers demand,’ said Bill. Indeed, according to Knight Frank, the percentage of all £10 million plus sales in central London over the last year, underlining how the pace of sales is accelerating to a greater degree in Mayfair than in Kensington, Knightsbridge or Belgravia. Mayfair, Knightsbridge and Belgravia form the trio of super prime markets in prime central London. However, Mayfair’s exclusive origins, global reputation for luxury and premium development pipeline give it a particular cachet among buyers that is likely to rise. Continue reading
Homes in England near top performing schools cost an average of 16.6% more
The average value of a home within a mile of one the top 50 best performing schools in England is 16.6% higher than average values in the surrounding local authority area, new research shows. Overall Sevenoaks School has the biggest uplift in house prices among the 50 top performing schools, with sales prices in 2014 some 221% higher, according to the analysis from international real estate firm Knight Frank. On a regional basis homes near the best schools in the North East command the largest uplift at nearly 47% while the best value houses around the top 50 schools are found around Scarborough College, where prices of homes within a mile radius are 41%, or £70,094, below the average values in the local authority area. ‘When deciding on a location for their family, parents can place a great deal of focus on the level and quality of education that local schools can provide and as a result good schools can be an important driver of local property markets,’ said Oliver Knight, of Knight Frank’s residential research team. ‘Our research highlights this, showing that in general people are willing to pay a significant premium for a home close to some of the UK’s best schools. However, the size of the price uplift varies and it will be affected by the location and the type of housing stock on offer in a given area,’ he added. According to data from the Land Registry for actual achieved sales prices within a mile radius of Sevenoaks School in 2014, the uplift translates to a premium of £425,291 compared to the average house price in the wider local authority ‘As Sevenoaks School offers pupils the internationally recognised Baccalaureate, it has opened up the town to international buyers which has increased the demand for the housing stock beyond the traditional local and national market. An English education has world wide appeal,’ said Edward Rook, of Knight Frank in Sevenoaks. In London, where property prices tend to be higher and the frequency of public transport means accessibility and the daily commute is less of a factor, the uplift is 4.9%. In the East of England it is 33.5%, in the East Midlands 30.9%, in the North West 29.6%, in Yorkshire and Humber 27.8%, in the West Midlands 25.8%, in the South East 23.9% and in the South West 19.4%. Continue reading
