Family houses with garden for less than £500k in Central London become scarcity

February 4, 2014 at 8:00 AM 1 comment

Families are being forced out of the capital as figures show there are no houses for sale in Central London with a garden costing less than £500,000, it has been claimed.

03.02.14 London garden 2

It is the latest evidence of the struggle families in London face to find an affordable home.

Soaring property prices mean many families have been priced out of the capital and are forced to move further afield, spending hours commuting to work every week.

The average value of a London home has risen more than £44,603 in the past year to £515,769, according to Zoopla.

Zoopla shows less than 20 residential properties listed for sale in Central London in this price bracket with a garden. All of the properties are flats and a garden is defined as a balcony or patio rather than a lawn area.

03.02.14 London garden 1

It compares to an average increase of property values in England of almost £16,000 to £256,975.

Cheaper and more spacious property is available in outer London. But families’ options are still limited, with fewer than 900 homes for sale in all of London having a garden and costing less than £250,000.

Zoopla shows a total of 890 houses listed for sale in London that have a garden and are under the £250,000 Stamp Duty threshold – where buyers must pay 1 per cent of the price in tax. The thresholds jump significantly above £250,001, starting at 3 per cent and rising to 7 per cent for those properties costing more than £2m.

The majority of these homes are terraced properties, with just 10 being detached.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “While rising house prices are welcomed by homeowners, much of the increase in prices is due to the serious lack of housing stock on the market.

“This is particularly true towards the bottom rung of the ladder where there are precious few family homes with gardens coming up for sale costing less than £250,000.

“Families are being forced to buy further and further afield in order to get a reasonably-sized home with a garden at an affordable price.”

London properties for sale with a garden for £250,000:

1. Two bedroom maisonette in Wembley

03.02.14 London garden 5

2. Three bedroom terrrace in Honor Oak

03.02.14 London garden 6

3. Three bedroom terrace in London’s E13 

03.02.14 London garden 7

Entry filed under: For sale, News. Tags: , , , .

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1 Comment Add your own

  • 1. Matthew  |  February 17, 2014 at 2:14 PM

    We have less expensive property in Newark On Trent and Kings Cross is just over an hour by train.

    Reply

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