As the Brexit saga continues to be drawn out there has been no dampening of the appetite for new build registrations. The Land Registry has revealed the most expensive residential sale took place in July 2019 was a Semi-Detached property in Kensington and Chelsea for £10,450,000. The lowest residential sale was a terraced property in Burnley for £18,000. The north south divide in house prices has widened over the past decade. In total 93,545 sales received for registration 30,790 took place in July 2019.
- 72,327 were freehold
- 13,632 were newly built
Outside of London there are small exclusive areas of home counties such as Kent, Surrey and Hertfordshire that boast the priciest streets. Britain’s most expensive street outside of London was Montrose Gardens in Leatherhead (Surrey) with properties worth £6.5 million. Whilst wealthy homebuyers need £6.5 million to buy a home in the most expensive street, they would need to pay more than £30 million to own the property.
The shortage of homes across the UK will continue to strengthen the need for new homes to be built. Affordable housing for First time buyers needs to continue to grow and lenders need to acknowledge the different schemes available to buyers especially in the South. The data provided by Zoopla has clearly shown a North South divide over the past decade with London still having the highest property prices. There are still opportunities for First time buyers however they may have to move area to find an affordable home outside of the priciest areas.
At Smart Money we have access to Specialist First Charge Mortgages for clients you are struggling to place with mainstream lenders.