THE WEEKLY ROUND UP
Selected snippets from the world of property
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