Wed 02 Sep 2020
Paul Bennett, Director
London’s apartment scene has been booming for many years, with movers attracted to the low-maintenance lifestyle, security aspects and vantage points, should they choose a residence on an upper floor.
The tide, it appears, seems to be turning. Recent research shows the popularity of houses in the capital city is surging, with a most notable rise in desirability during lockdown. Reflecting urbanites’ rediscovered fondness for more substantial properties are the latest set of house price figures from Land Registry. They reveal that the price of larger detached homes in London rose by almost 10% in April 2020, while the average price of a flat fell by 0.2%.
“It is quite clear that demand for more private outdoor space, room to create a dedicated home office and space to co-exist together comfortably is not just anecdotal,” says Behr & Butchoff’s Paul Bennett. “While there will always be a market for turn-key ready and lock-up-and-leave apartments in London, we are seeing settled residents turn their attention to more generous houses where they can spread out, work from home and enjoy the great outdoors without having to share their space or step outside their front door.”
Owners of large houses in London thinking of selling can also take heart that their property type has a keen buying audience. A separate release of information by Zoopla showed houses are selling quicker than any other property type.
The property portal found three-bedroom houses are selling the quickest – taking an average of 24 days to sell since the strict lockdown was lifted, while four- and five-bedroom houses are selling 33% faster now, when compared to 2019. It adds that flats are taking the longest time to sell, at an average 32 days.
“Despite London being a busy metropolis, the city has retained some of the world’s most impressive and charming houses – many of which we have the privilege of selling,” comments Paul. “For instance, we have just taken on a 5 bedroom, 5 reception room Grade II listed house along Clifton Hill in St John’s Wood, complete with a private garden and linked annex. It’s perfect for the family who want a completely self-contained lifestyle while retaining links with London’s finest attractions.”
Also for sale is another Grade II listed 5-bedroom house set along St. John’s Wood Terrace close to the High Street. “There is an abundance of private outside space attached to this property, including a front garden, a 63 foot rear garden and a pretty terrace,” adds Paul.
We have a waiting list of house buyers looking to make the most of the stamp duty holiday and trade up to a more sizeable home. If you have a terraced, semi-detached or detached house to sell, contact the Behr & Butchoff team about making your London market sales debut.