Latest news with #property prices
Yahoo
6 days ago
- Business
- Yahoo
Sea-view homes in Britain cost over £88,000 more on average
Homes with a sea view in Britain can cost nearly £88,107 more on average than those without, according to research by Rightmove (RMV.L). The property platform said that the average asking price for a home with a sea view in Britain stands at £363,181. That's compared to £275,074 for properties in coastal areas without this coveted feature, representing a 32% price premium. Rightmove's analysis looked at more than 200 coastal areas, comparing the average asking prices of homes available with a sea view to those without one. Read more: What are branded residences and who's buying them? At a regional level, homes in the East Midlands with a sea view commanded the biggest premium, of 68%, carrying an average asking price of £428,330. The South West came in second place, with a typical premium of 44% for this type of property, commanding an average asking price of £405,676. Within this region, Torbay in Devon was found to be the area with the highest number of available homes listed with a sea view. Scotland had the third biggest regional premium of 43% for these homes, with an average asking price of £218,867. Colleen Babcock, property expert at Rightmove, said: "Sea views have always been a highly sought-after feature for homebuyers, and our latest research highlights just how much more people are willing to pay for one." Mary-Lou Press, president at NAEA Propertymark, said that the Rightmove data was "encouraging news for those who own seaside properties, as their homes carry significant value. The surge in people working remotely since the pandemic has no doubt resulted in an increase in demand for properties with seaside views." "However, the price premium added to seaside homes is determined by many variables like location, the quality of the view, and the overall appeal of the area," she said. "Although a sea view can be a sought-after and valuable feature, it's important to be aware of the elements that affect its value. Conducting thorough research on the specific market is crucial before making any purchasing decisions." A typical home in the UK cost £296,665 in June, according the latest Halifax House Price index released last week. This figure was little changed compared to the previous month but was 2.5% higher than a year earlier. Read more: One million UK homes jump by 50% in value since 2020 — up by £117,400 on average Meanwhile, separate data released by Zoopla on Wednesday showed that estimated house values in the UK have continued to climb longer-term. Analysis by the property website found that one million homes in the UK have seen their value increase by 50% or more since the pandemic five years ago, with an average gain of £117,400. The property website's research, released on Thursday, found that eight in 10 UK homes grew by more than 5%, an average increase by £60,800. Zoopla said that UK house values had increased by an average 20% since 2020, with some areas experiencing more significant growth than others, despite a drop in buyer demand in 2023 due to higher borrowing costs in 2022. Read more: Mortgage rate war heats up with Barclays dropping to 3.75% Average London rent surges to £2,252 a month Jobs data increases odds on Bank of England interest rate cut
Daily Mail
17-07-2025
- Business
- Daily Mail
EXCLUSIVE The remote worker bubble burst: House prices in London and commuter towns soar while WFH hotspots drop in value - use our interactive calculator to find out how much YOURS is worth
The remote working boom is over, property experts have suggested, amid an increase in value of homes in and around London and a drop elsewhere. Property prices outside of the capital exploded at the onset of the coronavirus pandemic as employers embraced remote working practices and emboldened workers sought out gardens and home office spaces. Demand for suburban and rural property exploded as people fled city centres for pastures greener - but estate agent Purplebricks says some these areas have seen tens of thousands of pounds wiped from the value of homes in recent months. Official house price index figures from the Office for National Statistics analysed by the online agency suggest properties in Bath, north-east Somerset, the Cotswolds and South Hams in Devon lost the most value over the 12 months to May. These were thought to be some of the most desirable havens for the 75,000 people thought to have fled London during the pandemic seeking peace and quiet - among them childless professionals likely working from home. Property prices shot up between five and 15 per cent in these areas between 2019 and 2020 - but more than £20,000 has been skimmed from house valuations over the last year as demand has waned. On the other hand, demand has exploded in areas of London's commuter belt - or on the outer verges of the capital itself. MailOnline's exclusive calculator (below) shows how values have changed in these areas and every area across the UK - select your area in the drop-down box to find out how prices have changed where you are. Three Rivers in Hertfordshire - touching the outer London borough of Watford - has seen values explode by 13 per cent, or around £79,000 on average. Kingston-Upon-Thames and Bromley have seen prices surge eight and nine per cent respectively - around £48,000 each - over the last year. Other areas in the top 10 annual price rise table include Tunbridge Wells, Waltham Forest, Southwark and Elmbridge - all within an hour of central London by train. Values fell across the year in some central parts of the capital, including the City of London, Westminster, Islington and Hammersmith and Fulham. But they have rebounded in the short-term, with values in Camden, the City of London and Kensington and Chelsea rising nine, eight and three percent in the last month, adding tens of thousands of pounds in value in a matter of weeks. Overall, house prices in England have risen by 3.4 per cent in the last year; 5.1 per cent in Wales and 6.4 per cent in Scotland. Average house prices across the three home nations stand at £290,000, £210,000 and £192,000, respectively. Purplebricks says the dipping prices outside of London and continuingly falling interest rates were creating a promising market. The base rate of 4.25 per cent, as set by the Bank of England, is down one percentage point over the last year. Leading economists expect a further rate cut at the Bank's next meeting on August 7. Tom Evans, sales director, said: 'Great news once again for the nation's homeowners, and at a promising time for first-time buyers too. 'The falling interest rates over the last 12 months has helped drive down mortgage rates and drive up property prices - and the forecast base rate cut in August should continue that trend. 'We are confident house prices will continue to rise into next year, meaning your home at the start of 2026 will be worth more than it is today.' Last year, the Centre for Cities think tank said there were early signs the capital was 'bouncing back' from the Covid exodus. The research group says it is confident the population in London has surged past pre-pandemic levels. Official estimates suggest the capital was home to 8.945million people as of mid-2023, largely driven by international migration, according to the ONS.
