The prices of large homes have risen by 10 per cent during lockdown
During lockdown there was a huge demand on spacious properties in London. Buyers were even ready to pay a premium, as they wanted to comfortably work from home and enjoy their gardens.
The larger detached homes went up in price by almost 10 %
in April. At the same time the average price of a flat fell by 0.2%, says the Land Registry.
This demand has risen due to the Boris Johnson’s regulations to prevent the spread of Covid-19, people had to stay at home. In April Londoners were only allowed to do exercise and go to the nearest shop.
- In London the average prices dropped 1.6% during the month to £480,425. However that still left them up 2.3% year on year.
- Detached homes went up 9.5% to an average of £971,142
- Semi-detached properties rose by 5.6% to £602,377 and terraced houses by 4.3% to £511,058.
- The average cost of a flat or maisonnette fell 0.2% to £410,745.
North London estate agent Jeremy Leaf said: “Pent-up demand is just starting to be released and, combined with the bringing forward of moving decisions planned for next year partly prompted by the stamp duty holiday, has proved to be a powerful stimulus for activity.”
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