Semi-detached homes now sell for 71.4% more than they did in 2013, while terraced homes have increased by 67.6% and flats by 51%.
Jason Ferrando, CEO of easyMoney commented, “This research demonstrates just how secure property investment is in this country. Flats are, in general, an outlier. While all other property types enjoyed massive price boosts during the pandemic, flats recorded only their third-highest growth of the decade. This is because the pandemic and lockdowns instigated a race for space that flats simply cannot satisfy, and also because of the external cladding issues highlighted by the Grenfell tragedy and which continue to haunt high-rise buildings to this day.”
Strongest post-Brexit year for London’s super-prime market
London’s £10m-plus property market recorded its strongest performance since the 2016 Brexit vote in the year to March 2023.
The lifting of pandemic restrictions and a more stable business environment paved the way for £3.1bn to be spent on 161 super-prime properties in the year to March 2023. This was significantly higher than the £2.5bn and 144 transactions in the previous 12-month period; sales had not been so high since 2015-16.
There were 52 sales at £8m+ outside of London in the 12 months to March 2023, a yearly increase of 16% and the highest total in 15 years. Prime property outside London remains subject to strong competition, thanks to tight supply and resilient demand.
All details are correct at the time of writing (24 May 2023)
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