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England & Wales home prices drop, but six London garages fetch £700k

Posted by: In: Real Estate 30 Apr 2014 Comments: 0 Tags: ,

Real estate values fell 0.4% in the month to March, but London prices are still rising strongly, with six rundown garages selling for £700,000 at auction, 10-times their guide price

Property prices in England and Wales dropped in March, easing fears of a market bubble – but demand is still high in London, where six rundown garages have sold for £700,000 – 10-times their guide price.

The average home price was £169,124, down 0.4% on February’s total but still up 5.6% on last year, according to official figures from the Land Registry.

Prices over the last year have risen most in London, where they are up by 12.4%, although they rose just 0.6% in March to an average of £414,490.

The news comes as six dilapidated garages in Parsons Green were sold for £700,000 at auction — 10 times the guide price.

The garages in Fulham Road were sold freehold, with three already let, producing £2,760 a year and three currently unlet. The site is claimed to be suitable for redevelopment into two two-bed townhouses, subject to obtaining the relevant planning permission.

Andrew Binstock, of Auction House London, says, “The guide price was £70,000, and the reserve, below which we would not have sold the garages, …read more

Source: OPP



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