THE WEEKLY ROUND UP

Se­lected snip­pets from the world of prop­erty

The Daily Telegraph - Property - - Cover Story -

DE­TACHED HOMES GREW THE MOST LAST YEAR

Price growth of the av­er­age de­tached house rose at the high­est rate last year, over­tak­ing ter­raced homes for the first time in 10 years.

Anal­y­sis of Land Reg­istry data by Sav­ills found that in Eng­land and Wales, ex­clud­ing Lon­don, the av­er­age sale price of a de­tached home in­creased by 4.8 per cent to £388,926.

By com­par­i­son, ter­races rose by just 1.5 per cent in 2017, but have risen in price by 29 per cent since 2007. The rise of the de­tached home and dis­place­ment of ter­raced houses in the past year can partly be ex­plained by a slow­down of growth and ac­tiv­ity in prop­erty markets in the south of the coun­try.

SNAP UP OS­CAR WILDE’S LON­DON PIED À TERRE

The three­floor house is a Queen Anne Re­vival in Pont Street, Chelsea, and is be­lieved to be where Wilde lived briefly. Wilde was also ar­rested in the nearby Cado­gan Ho­tel. The house was de­signed by CW Stephens, the ar­chi­tect be­hind the de­signs of Clar­idge’s and Har­rods, and it has great views over the sur­round­ing neigh­bour­hood.

It is on the mar­ket for £4.95mil­lion with JLL and Sav­ills.

IT’S NOW A BUYER’S MAR­KET IN LON­DON

Lon­don is be­com­ing a “buyer’s mar­ket” for house­hunters, ac­cord­ing to Home­track, as it re­vealed sell­ers are hav­ing to ac­cept larger dis­counts for their prop­er­ties.

Home­track’s anal­y­sis of Zoopla data found that the gap be­tween ask­ing and achieved prices in the cap­i­tal has in­creased from 0.5 per cent in 2014, to an av­er­age of four per cent to­day as de­mand has weak­ened. In some ar­eas of cen­tral Lon­don, buy­ers are snap­ping up prop­erty with a 10 per cent dis­count from the ask­ing price.

This is also the case in Ox­ford and Cam­bridge, while the strong prop­erty markets in north­ern cities mean that sell­ers hold the power, as the dif­fer­ence be­tween ask­ing price and sale price con­tin­ues to nar­row.

In Birm­ing­ham and Manch­ester the dis­count has more than halved from six per cent in 2013 to just 2.7 per cent in 2017.

Lon­don: now a buyer’s mar­ket

Solo: price growth rock­ets

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