THE WEEKLY ROUND UP

Se­lected snip­pets from the world of prop­erty

The Daily Telegraph - Property - - Cover Story -

LON­DON DRAGS DOWN UK HOUSE PRICE GROWTH

House price growth slowed in Au­gust to 3.2 per cent, down from 3.4 per cent in July, ac­cord­ing to the Of­fice for Na­tional Sta­tis­tics. It found that Lon­don, the South East and East Anglia were drag­ging down the av­er­age. In Lon­don, prices fell by 0.2 per cent in the year to Au­gust. The high­est level of price growth was in the East Mid­lands, where prop­erty rose in value by an av­er­age of 6.5 per cent. Cap­i­tal Eco­nomics said that it ex­pects price growth across the coun­try to con­tinue to slow to 1.5 per cent by the end of 2018, and to 1 per cent by 2019. An­a­lyst Hansen Lu said: “Cool­ing house price in­fla­tion re­flects the al­ready very high level of prices, which have priced out or dis­cour­aged many prospec­tive buy­ers.”

FOR SALE: IGGY POP’S FOR­MER PAD

Rock star Iggy Pop’s old prop­erty in Mi­ami’s South Beach has been put on the mar­ket. With art deco charm, over­look­ing the sea, the house has three be­d­rooms and a fourth in a self­con­tained an­nexe.

Pop’s old house sits on the area’s ver­sion of “Mil­lion­aire’s Row”, with neigh­bours in­clud­ing Jen­nifer Lopez. It has a small swim­ming pool and a ter­race to en­joy the sea breezes.

In­side there is wood pan­elling, a large carved fire­place, and a se­cret wind­ing wooden stair­case. It is on the mar­ket for $1.495mil­lion (£1.14mil­lion) with The Olivine Realty Group.

A HOME IS NOT JUST ITS BRICKS AND MOR­TAR

There is a huge gulf be­tween the av­er­age price of build­ing a home and its mar­ket value. New re­search by Di­rect Line has found that in some ar­eas the cost of the phys­i­cal bricks and mor­tar of a home is dwarfed by what it calls the “lo­ca­tion pre­mium”, largely the price of land.

It cal­cu­lated that in Lon­don, while the av­er­age price of a three-bed­room house is £647,571, the price to re­build it is just £205,000, mean­ing there is a 216 per cent pre­mium for the land it stands on and its lo­ca­tion.

Brighton, Bris­tol, Ed­in­burgh and Nor­wich had the high­est pre­mi­ums after the cap­i­tal. It was low­est in the North East.

Fall: Lon­don prices are down

Home: it’s not just the struc­ture

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.