THE WEEKLY ROUND UP
Selected snippets from the world of property
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