London property prices really are rocketing!

Posted: 08/07/2014

London holds some of the most eye-catchingly expensive properties, from town houses with two bedrooms to excessively large manor houses. Never the less, despite all of these riches did you ever think beyond your wildest imagination that you would come across a garage which is on the property market for the whopping price of £500,000!

This particular garage is located in Canning Place Mews, Canning Place, London and is described as being placed in the city very discretely towards the west facing side of the Royal Palace Gate and is spacious enough to house either a Bentley Continental or Range Rover.

Not only does this garage hold a spacious floor radius but it also possesses a raised mezzanine level allowing storage along with the wooden cupboards which can also hold a large amount. The Kensington garage is measured to be 9ft in height and 8ft by 10 in width. The garage holds a 125 year lease with 91 years remaining and in addition to the lease there is also a ground rent of £20 to be paid yearly as well as a fixed maintenance charge of £280 a year.

Figures collated from Halifax display that a single square metre of property in both Kensington and Chelsea are rumoured to cost around £11,000. This is around 13 times the amount in comparison to a cheaper area studies have found. This information in particular singles out the high rise in house prices between the South-East and the rest of the country, with many London boroughs assembling together to form the entire top 20 most expensive locations in Britain.

During this coming week, household borrowing figures from June 2014 will also be released via the Bank of England after the governor of the bank; Mark Carney exposed the first limits relative to income on the mortgage market for around 30 years.

The most expensive square metre of a property on average has proven to be in West London at a price of £10,854. This explanation is based upon a house price database provided by Halifax. The results displayed how fast prices are rocketing in that particular area in comparison to the cheapest area which is Stanley in County Durham, where the average square metre costs around £818.

Areas that came second on the list as the most expensive per square meter are Hammersmith and Fulham then Westminster where the value of square metre floor space is around £8,925 and £7,804.  After Stanley had been named as one of the cheapest places per square meter of floor space, Pontypool located in South Wales followed in second place at an average cost of £902 and in third place was Wishaw in Scotland with a cost of £925 per square meter of floor space.

Mortgage director in Halifax, Craig McKinlay said;
“House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations. While there are areas in central London that are more expensive than anywhere else in the country, there are notable pockets outside the South East where property also has a high price per square metre”.

He then went on to say;
“Many of those areas experiencing the strongest increases over the past few years are those with the highest price per square metre”.

If we were to look away from the South East of England for the area with the highest house price per square meter we would be taken to the North West of England to a county called Cheshire. Specifically Altringham which is an area renowned for containing homes that house premier league footballers and these properties had an average price per square meter of £2,227.

However, drawing our focus back to London, the places that were recorded for having the biggest increase in property prices were all London Boroughs but the top of this list is the London Borough of Lambeth which experienced a price increase of 61% per square metre. According to Halifax, house prices recorded per square meter have risen by 13% for the whole of the country compared to figures recorded in 2009.  However, some prices fell between 3-5% in Scotland and Northern England. 

Nicole Cran, Pali Ltd

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(0) Comments Garage, Homes, Prices, Property Ladder, Property, London

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