Terrace homes in London rise by 100 pound a day!
Prices for terraced homes in London have reached an unprecedented high with the average costing nearly £600,000 which is an increase of nearly £36,000 compared to the previous year.
The average price for a terraced house in Islington, Camden, Fulham, Hammersmith, Chelsea, Kensington and Westminster is now over £1million.
However the extreme price rises have occurred in Hackney where they have increased by nearly a quarter. The prices rose from an average of £736,250 to £907,267 meaning that the people who own a terraced property have made a profit of almost £470 each day.
Another area which has seen dramatic increases in prices is Newham. On average the cost of a terrace home has increased by over 20% from £261,888 on average up to £315,337. Due to the increase in cost, buyers have to find an additional £53,449 to make their purchase.
The associate director in Savills’ research department, Sophie Chick said “The difficulties facing first-time buyers are well documented, but the struggle with home ownership doesn’t end with your first property purchase.”
She continued “Those who bought their first property after the financial crisis often haven’t seen enough growth on their home to fund a step up the housing ladder in the same area. Over the past year, we’ve seen an average terrace house in London increase in value by just over £36,000.”
Property buyers that lack the £3.8million to purchase one of the grand homes located in Chelsea and Kensington where you can also find some of the most pricy terrace’s, can just about find a property with a £300,000 budget.
Dagenham and Barking offer terraces that are the top value for money with the average property value being £243,379 which is up a massive 15.8% in the previous 12 months until May according to the studies latest figures.
Havering has seen an increase in up to 13% in terrace house prices and in Bromley these prices have increased by 16% where the average house price in these two locations are now slightly more than £270, 000.
It was back in the 17th century when the very first terraced buildings appeared in London where huge projects took place including construction of Nash terraces at Regent’s Park and construction of Grosvenor Square.
The demand for rows of linked houses became popular with inexpensive builders who embraced the style to construct tens of thousands of roads filled with the more humble properties designed for buyers who are not as wealthy.
Kirsty Rogers, Pali Ltd(0) Comments
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