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Detached houses in London exceed £1m for the first time

The demand for detached property in relation to the number being built, has resulted in the average price of a detached home rising by 7% across London and its outer suburbs. With average prices reaching a staggering £1.3 million over the past year, this is double the price of the average detached property in 2003.

Fionnuala Early, Residential Research director at Countrywide, said: “Detached family homes are fast becoming an endangered species in London. Today they account for less than 5% of the Capital’s housing stock - a fifth less than twenty years ago. The hotspots for these homes are in leafy South West and North London, but even their numbers are being squeezed by both the amount that have been converted into flats and the tiny numbers of detached houses built to replace them. Over the last year, fewer than 300 detached homes were built in London, less than 2% of all new homes. This trend shouldn’t be so surprising given that both the cost and availability of land in London has led to building at higher densities, making detached homes less attractive to build.”

Whilst the £1 million price tag has been common across areas such as Chelsea, Kensington and Westminster, it has now reached areas such as Brent, Enfield, Hackney and Kingston upon Thames.

“While 2016 was the year the price of the average detached London home passed £1,000,000, it’s likely this milestone will be surpassed in Outer London alone within the next five years, due to pressure on the supply of family homes in the Capital. As the cost of family homes in the Capital has risen, it translates into a growing number of up-sizers looking beyond the M25.”

 

 

 

Inner

Outer

London

1995

 £            303,869

 £        193,679

 £            205,001

1996

 £            341,282

 £        206,142

 £            219,279

1997

 £            360,066

 £        236,298

 £            250,141

1998

 £            467,049

 £        271,761

 £            297,378

1999

 £            497,956

 £        308,516

 £            334,694

2000

 £            614,928

 £        371,310

 £            399,461

2001

 £            665,537

 £        392,688

 £            420,513

2002

 £            672,559

 £        434,293

 £            459,741

2003

 £            853,316

 £        475,224

 £            508,263

2004

 £            852,337

 £        528,999

 £            556,607

2005

 £            867,875

 £        554,713

 £            583,548

2006

 £        1,116,896

 £        589,801

 £            634,653

2007

 £        1,135,674

 £        673,009

 £            710,743

2008

 £        1,351,211

 £        711,181

 £            770,075

2009

 £        1,284,714

 £        622,012

 £            678,906

2010

 £        1,573,733

 £        714,530

 £            789,565

2011

 £        1,279,813

 £        692,355

 £            759,260

2012

 £        1,343,655

 £        697,712

 £            756,925

2013

 £        1,426,087

 £        767,837

 £            830,836

2014

 £        1,733,928

 £        839,214

 £            917,145

2015

 £        2,069,239

 £        868,368

 £            963,510

2016

 £        2,086,259

 £        937,919

 £        1,028,376

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