The divide in the British property market has been revealed with new research showing the huge gulf between the lowest and highest priced properties in the past few months
The most expensive house sold in the last three months was worth a stonking £38million – while the least expensive went for just £20,000.
Exclusive research by the Mirror’s Reach Data Unit study shows the uneven nature of the property market in England and Wales from July to September.
The most expensive homes sold in the period included a £38million mansion in Holland Park, London, and a £13.5million property on Holford Road in Camden, also London zone one.
The fifth most expensive home was in prestigious Knightsbridge, in the London borough of Kensington and Chelsea, where a single apartment exchanged hands for a eye-watering £10.5million.
£38million – 39 Phillimore Gardens, London
£13.5million – 3 Holford Road, London, Camden, London
£13million, The Garden Maisonette, 53 Holland Park, London
£11.5million – 43 Onslow Gardens, London, Kensington And Chelsea, London
£10.5million – Apartment 609, The Knightsbridge Apartments, London
But at the opposite end of the scale, many properties sold for a tiny fraction of these prices.
The least expensive homes from July to September were:
£20,000 – 12 Randolph Street, Bishop Auckland, County Durham
£21,000 – 28 Johnson Street, Eldon Lane, Bishop Auckland, County Durham
£21,000 – 8 Charlaw Terrace, Sacriston, County Durham
£22,000 – 37 King Street, Middlesbrough, Redcar And Cleveland
£22,000 – 15 Dent Street, Hartlepool
Average house prices across the UK increased by 10.6% over the year to August 2021, up from 8.5% in July 2021, according to figures from the Office for National Statistics.
Growth has slowed from June, when it was the fastest increase since November 2004.
Between the beginning of 2016 and the end of 2019, there was a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.
The start of 2020 saw a pick-up in annual growth in the housing market before the coronavirus -1>coronavirus restrictions were put in place at the end of March 2020.
Recent price increases may reflect a range of factors including some possible changes in housing preferences and a response to the changes made to property transaction taxes across the nations.
The pandemic may have caused house buyers to reassess their housing choices. The average price of detached properties increased by 11.3% in the year to May 2021, in comparison with flats and maisonettes increasing by 6.5% over the same period.
In July 2020, the Chancellor announced a suspension of the tax paid on property purchases in England and Northern Ireland, with similar suspensions announced in Scotland and Wales.
In England and Northern Ireland, properties up to the value of £500,000 paid no tax, while the thresholds for Scotland and Wales were £250,000. This may allow sellers to request higher prices as buyers’ overall costs are reduced.
The tax holiday for Scotland ended on March 31, 2021. It was extended until June 30, 2021 in Wales, while in England and Northern Ireland, it was extended until the same date but the threshold will then decrease to £250,000 before ending on September 30, 2021.
This may have accounted for a rush of demand in
In May, the Royal Institution of Chartered Surveyors’ reported strong increasing demand and a shortage of people putting their properties up for sale pushed up prices.