New homes are selling well, even as the wider market cools.
The average price of a new home slipped by -1.2 per cent to £217,845 in June, as a number of short-term factors prevented the continuation of the recent steady growth. However, with the three-month change standing at +0.8 per cent and annual growth at +1.4 per cent, underlying market trends remain positive.
Steve Lees, marketing director of SmartNewHomes.com, says: “Summer is traditionally one of the quieter times for the property market, so a slight cooling in the rate of price growth is only to be expected. This is particularly true this year as, following strong price rises in spring driven by an imbalance between supply and demand, June saw a significant increase in stock on the resale market as sellers looked to cash in on potential gains.
“The increase in properties for sale also coincided with the scrapping of HIPs as well as the emergency budget, which will have led some house hunters to re-evaluate their financial situation. Although the net result has been downward pressure on new home prices, it is clear that they are also short-term issues that should not disguise the overall strength of the market. Figures for both the three- month and annual changes point to slow but steady growth in a stable market.”
There is a shortage of good-quality apartments in London’s leafier suburbs. Countering that, housebuilder Countryside Annington has released two-bedroom apartments at its Ridgemont development in Mill Hill’s conservation area.
Previously all the apartments at Ridgemont, a joint venture of Countryside Properties and Annington, were sold off-plan, with some sold 18 months ahead of being built.
Further two-bedroom apartments are now for sale, within the same desirable landscaped setting. Ridgemont includes two-bedroom apartments and four-bedroom houses.
Each apartment has a balcony and large windows. Kitchens feature a gloss finish, granite worktops and integrated appliances and the bathrooms are fitted with modern sanitaryware, limestone tiling and chrome fittings. Residents have access to underground parking. In spite of its green surroundings, Ridgemont is two miles from Mill Hill Broadway. Local amenities include Finchley Golf Club, an equestrian centre, leisure centres, stables, tennis courts, a cricket ground and playing fields. Prices start at £299,995.
Also in Mill Hill, the last house at Banner Homes’ Orchard Gate is for sale. The luxury five-bedroom detached home has a large garden and a detached double garage. It features en-suite and fitted wardrobes in the master and secondary bedroom, a balcony for the master bedroom and four spacious reception rooms. The price is £1.4 million. Agent: Preston Bennett.