London Wards Recording An Average House Sale Price of £1m or More

Despite sales of homes worth more than £1m falling last month, according to the Land Registry, more London wards than ever are recording an average house sale price of £1m or more. Research from Savills shows that the number of London wards with properties that have an average sale price in excess of £1m has jumped from 17 in 2010 to 50 in the month to May 2015. The research also found that 53 out of London’s 650 wards are now selling for between £750,000 and £1m.

The area around Richmond, including Ham, Petersham and Twickenham Riverside has been elevated to the £1m plus average price bracket. Luke Ellwood, of Knight Frank Richmond, says: “The Richmond market has always attracted buyers migrating from central London, particularly those drawn by the schooling opportunities. More centrally, Earl’s Court, North and West Kensington, Bayswater, Victoria, Highgate, Belsize, Muswell Hill and Alexandra Palace and parts of Fulham have also been drawn into this elite bracket.

Acton on the up

The research has also identified South Acton and Old Oak Common as areas where house prices are growing healthily. The region will be linked by Crossrail to Tottenham Court Road in ten minutes from 2018 and young professional families who cannot afford to live in Chiswick are relocating there in advance. “The regeneration project under way of the old Car Giant site in Old Oak Common will effectively develop a mixed-use zone for London with shopping, work space, transport, residential homes and infrastructure,” noted estate agents, Strutt & Parker. Elsewhere, new figures from the Department for Communities and Local Government show that almost 5,000 acres of land lost green belt status in the year to March. In that period eleven local authorities reduced the amount of land deemed to be green belt, sacrificing it for housing developments. Our New Homes team acts for both local and national housebuilders in the sale of completed developments to both owner occupiers and investors.

Hillingdon and surrounding areas

Separately, in a move that will further increase the desirability of Hillingdon and surrounding areas as places to live, BT has announced an expansion of high-speed fibre broadband across Hillingdon borough which will benefit 4,200 homes and businesses. Openreach, BT’s local network business, will make fibre available to the extra properties in the next two years, taking the company’s total coverage for fibre in the borough to more than 105,000 premises. BT is spending more than £3 billion on Openreach’s deployment of fibre across the UK, and the work in Hillingdon is part of an additional £50m that the company earmarked for UK cities last year. “Given feedback that we’ve had to date, I’m confident that the residents and businesses in the additional parts of Hillingdon where fibre broadband will now become available will be very pleased,” said a BT spokesman.

IBB Solicitors wins Legal 500 Regional Real Estate Firm of the Year award

IBB has one of the largest real estate groups in West London and the South East, with expertise in commercial development, residential development, real estate finance, real estate investment and management, construction and real estate dispute resolution. Contact a member of the team by visiting the relevant service page, or you can call us on 01895 230941 or email enquiries@ibblaw.co.uk.