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Jeff Bezos’ property empire is now worth almost $600m with his latest purchase in Hawaii

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Amazon founder Jeff Bezos‘ real estate portfolio grew to astronomical new heights in 2021, burgeoning by more than $100 million thanks to a pair of high-profile property purchases in Hawaii and Manhattan.

The purchases saw the Blue Origin founder’s already extensive property portfolio balloon to nearly $600 million, in a year where the e-commerce kingpin relinquished his title of world’s richest man to rival Elon Musk, as well as the title of CEO of the trillion-dollar company he founded nearly three decades ago, out of his garage in Washington state in 1994.  

Since then, Bezos, who boasts a reported net worth of $195 billion – with $5 billion of that coming in the past year – owns 14 pricey properties purchased beginning in 1998, with price tags ranging from $5 to $165 million in places like New York City, California, Texas, his home state of Washington, and Washington, DC.

Amazon founder Jeff Bezos, pictured here in November with girlfriend Lauren Sanchez, saw his real estate portfolio grew to astronomical new heights in 2021, burgeoning by more than $100 million thanks to a pair of high-profile property purchases in Hawaii and Manhattan

Amazon founder Jeff Bezos, pictured here in November with girlfriend Lauren Sanchez, saw his real estate portfolio grew to astronomical new heights in 2021, burgeoning by more than $100 million thanks to a pair of high-profile property purchases in Hawaii and Manhattan

Bezos’s latest purchase came in the form of a private Hawaii estate that spans 14 acres and is surrounded by dormant lava fields. 

The three-building estate, situated on the picturesque La Perouse Bay on Valley Isle in Maui, Hawaii, set the ex-Amazon head back an estimated $78million. 

He is the latest internet billionaire to snap up a waterfront property, despite local discontent. 

Facebook CEO Mark Zuckerberg, 37, recently bought a sprawling 600-acre property for a cool $53million on the island of Kauai. He also reportedly owns a 700-acre property on one of the islands that he acquired for more than $100million in 2014. 

Oracle co-founder Larry Ellison owns most of the property 141-square-mile island Lanai, located eight miles off the coast of Maui.   

It is unclear when exactly Bezos purchased the property, but he donated to the Hawaii Land Trust in mid-September, which is responsible for the environmental conservation in Maui. He and his girlfriend Lauren Sanchez, 51, reportedly donated to several local charities to feel a part of the community.  

The property was sold to Bezos in an off-market deal, with the billionaire buying from Colorado-based holding company Lochland Holdings, which is owned by the Schatz family. Doug Schatz, an energy businessman, was the previous owner, having bought it for $4.2million in 1996.

The property is home to three buildings, including its main structure, which is 4,450 square feet and has three bedrooms and three bathrooms. 

The second building, meanwhile, is 1,839 square feet guesthouse with two-bedrooms and two-and-a-half bathrooms. And the third is 1,815 square feet with three bedrooms and one bathroom. 

The entrepreneur’s new digs also sits on a marine fishing reserve. 

What’s more, the eccentric property is also surrounded by dormant lava fields where the Haleakalā volcano – which is eight times larger than the Empire State Building in New York City and its hotspots can reach up to 2,500 degrees Fahrenheit – last erupted in 1790. It is expected to erupt again within 500 years, scientists say.  

Both Bezos and Zuckerberg have faced backlash from locals for their extravagant purchases, with many arguing the brazen billionaires are raising housing costs by purchasing property on what they call sacred land. 

But that hasn’t deterred the business-minded Bezos, who is reportedly scouting more off-the-market properties in Maui to expand his real estate portfolio in the Aloha State and is reportedly searching for a home for his parents in Montage Kapalua Bay, where he often stays at a luxury resort, per the New York Post. 

Amazon CEO Jeff Bezos purchased a $78million secluded estate surrounded by luscious greenery, palm trees, and a marine fishing reserve

Amazon CEO Jeff Bezos purchased a $78million secluded estate surrounded by luscious greenery, palm trees, and a marine fishing reserve 

The ultra-secluded estate sits on a marine fishing reserve, which is rare to have access too and even fishing boats are not allowed in the waters

The ultra-secluded estate sits on a marine fishing reserve, which is rare to have access too and even fishing boats are not allowed in the waters

The three-building estate is located on La Perouse Bay on Valley Isle in Maui, Hawaii, and is surrounded by dormant lava fields. It is located west of Haleakalā volcano - which is eight times larger than the Empire State Building in New York City - and last erupted in 1790

The three-building estate is located on La Perouse Bay on Valley Isle in Maui, Hawaii, and is surrounded by dormant lava fields. It is located west of Haleakalā volcano – which is eight times larger than the Empire State Building in New York City – and last erupted in 1790

The property is home to three buildings, including its main structure, which is 4,450 square feet and has three bedrooms and three bathrooms

The property is home to three buildings, including its main structure, which is 4,450 square feet and has three bedrooms and three bathrooms

The second building, meanwhile, is 1,839 square feet guesthouse with two-bedrooms and two-and-a-half bathrooms. And the third is 1,815 square feet with three bedrooms and one bathroom

The second building, meanwhile, is 1,839 square feet guesthouse with two-bedrooms and two-and-a-half bathrooms. And the third is 1,815 square feet with three bedrooms and one bathroom

The entrepreneur's new digs also sits on a marine fishing reserve

The entrepreneur’s new digs also sits on a marine fishing reserve

The waterfront compound is located on the southwest trip of the Hawaii island 

Bezos’ other purchase in 2021 served as an addition to a string of apartment purchases he made in years prior on Manhattan’s posh Fifth Avenue, with the billionaire businessman buying up five properties over the course of three years to form a de facto mega mansion.

Picking up a $23 million unit in the same historic building where he had already spent $96 million on four separate homes, Bezos’ most recent purchase in the building situated in the city’s Flatiron District brought his holdings in the building to more than 20,000 square feet.  

Bezos initially bought three apartments in the building, which overlooks Madison Square Park, in 2019, for a cool $80million. At the time, The Wall Street Journal reported that Bezos’s over-the-top purchase was one of the most expensive real estate transactions in New York City for the year. 

The space, which at the time covered a combined 17,000-square-feet with 12 bedrooms and multiple terraces, included a three-floor, 10,000-square-foot penthouse with a grand ballroom, a three-bedroom unit below with high-end finishes, and an adjoining four-bedroom pad with oversized windows on three of its four sides. 

At the time, it was rumored that the space would serve as a love nest for Bezos and his then-wife of 25 years – until the pair divorced in April of that year.

A year later, in April 2020, Bezos bought a fourth unit in the luxe Madison Square Park apartment complex, dropping $16 million for a three-bedroom unit adjacent to the two lower-level units from the original purchase.  

The de facto mega mansion, located in Manhattan’s Flatiron neighborhood, is housed at 212 Fifth Avenue, a building which offers a fitness center, golf simulator, game room and movie screening room.

Bezos' other purchase in 2021 served as an addition to a string of apartment purchases he made in years prior on Manhattan's posh Fifth Avenue, with the billionaire businessman buying up five properties over the course of three years to form a de facto mega mansion

Bezos’ other purchase in 2021 served as an addition to a string of apartment purchases he made in years prior on Manhattan’s posh Fifth Avenue, with the billionaire businessman buying up five properties over the course of three years to form a de facto mega mansion

The pricey purchases, made over the course of three years and costing nearly $120million, includes a three-floor penthouse flat and two units below it

The pricey purchases, made over the course of three years and costing nearly $120million, includes a three-floor penthouse flat and two units below it

Bezos' most recent purchase in the building, in 2021, situated in the city's Flatiron District brought his holdings in the building to more than 20,000 square feet

Bezos’ most recent purchase in the building situated in the city’s Flatiron District in 2021 brought his holdings in the building to more than 20,000 square feet

The deal was rumored to be one of the priciest real estate transactions in Manhattan that year

An interior shot of the apartment is shown above

The initial 2019 deal was one of the priciest real estate transactions in Manhattan that year. Two interior shots from the connected apartments are shown above

The year prior, Bezos purchased a second Kalorama residence in Washington, D.C., across the street from a $23 million property he snapped up in 2016.

The initial $23million mansion, once a former textile museum, boasts 27,000 square foot of space and was built in 1912. It also occupies a spot on the National Register of Historic Places. 

The town is known to be an enclave for Washington power-players including the Obamas, who own a $5.3million home nearby, and Ivanka Trump and Jared Kushner.

Bezos snapped up the second property for a considerably more modest $5 million. At the time, many theorized that the Amazon head made the purchase primarily made for privacy reasons, as the mansion boasts a direct line of sight into the larger, more expensive residence.

Jeff’s other big investment in the nation’s capital came in the form of the The Washington Post, which he purchased in August 2013 for $250million. The paper is included in his estimated net worth. 

In 2016, Bezos dropped a cool $23million on a former textile museum in the exclusive Kalorama neighborhood of Washington, DC

In 2016, Bezos dropped a cool $23million on a former textile museum in the exclusive Kalorama neighborhood of Washington, DC

The Amazon founder purchased the $23million Washington mansion that has undergone over three years of renovations and construction and is tucked in the city's wealthy Kalorama district

The Amazon founder purchased the $23million Washington mansion that has undergone over three years of renovations and construction and is tucked in the city’s wealthy Kalorama district

The 27,000 square foot space was built in 1912 and occupies a spot on the National Register of Historic Places

The 27,000 square foot space was built in 1912 and occupies a spot on the National Register of Historic Places

Plans: This diagram of the property shows the building and gardens which were described as 'beautiful' and 'astonishing' by people who have seen them

Plans: This diagram of the property shows the building and gardens which were described as ‘beautiful’ and ‘astonishing’ by people who have seen them 

Bezos also owns this $5 million mansion in the swanky Washington, D.C. suburb of Kalorama

Bezos also owns this $5 million mansion in the swanky Washington, D.C. suburb of Kalorama

In July 2020, Bezos built upon his already extensive Beverly Hills holdings by purchasing the property adjacent to Assylum Records creator David Geffen’s estate – which he had purchased for $165 million months before – for $10 million,

A considerably more humble abode than Geffen’s historic mansion, the home is still luxurious nonetheless by the average person’s standards. 

The $165 million property, meanwhile, purchased by Bezos in February of that year, is a massive 10-acre estate that boasts a 13,600-square-foot Georgian-style main house, two guest houses, a nursery and three hothouses, a tennis court, a swimming pool, expansive terraces, and a nine-hole golf course. 

The grand motor court even has its own service garage and gas pumps. Another notable feature of the main house is its antique wood flooring, which are imported and believed to be the same floor that Napoleon stood upon when he proposed to his first wife, Joséphine.  

In February 2020, Bezos shelled out $165 million for this 13,600 sq ft Georgian-style mansion next door, which boasts terraces, guest houses, a tennis court, and a nine-hole golf course

In February 2020, Bezos shelled out $165 million for this 13,600 sq ft Georgian-style mansion next door, which boasts terraces, guest houses, a tennis court, and a nine-hole golf course

The opulent nine-acre Beverly Hills estate is seen from the air. It was designed in the 1930s for media mogul Jack Warner

The opulent nine-acre Beverly Hills estate is seen from the air. It was designed in the 1930s for media mogul Jack Warner

Amazon boss Jeff Bezos bought this 11,891-square-foot mansion on North Alpine, Beverly Hills, in 2007 for $24.45 million

Amazon boss Jeff Bezos bought this 11,891-square-foot mansion on North Alpine, Beverly Hills, in 2007 for $24.45 million

Bezos forked out $10 million for a Beverly Hills home located right next door to the initial $165 million compound. His new purchase is pictured above in a 2018 real estate listing

Bezos forked out $10 million for a Beverly Hills home located right next door to the initial $165 million compound. His new purchase is pictured above in a 2018 real estate listing 

A considerably more humble abode than Geffen's historic mansion, the home is still luxurious nonetheless by the average person's standards

A considerably more humble abode than Geffen’s historic mansion, the home is still luxurious nonetheless by the average person’s standards

A 2018 listing photos show the home features a large kitchen and several spacious living areas complete with original fireplaces

A 2018 listing photos show the home features a large kitchen and several spacious living areas complete with original fireplaces

The home boasts plenty of natural light and dark hardwood floors. One of the property's living areas is pictured above

The home boasts plenty of natural light and dark hardwood floors. One of the property’s living areas is pictured above 

Bezos owns two other homes in Beverly Hills. He bought the first for $24.45million in 2007 and snatched up a neighboring property 10 years later in 2017 for $12.9million. 

The first home is a seven-bed, seven-bath Spanish-style mansion with a greenhouse, tennis court, swimming pool, six car garage and four fountains. 

Neighbors reportedly include A-listers Jimmy Stewart, Donna Reed and Walter Matthau.

The second home is far more modest at just 4,568 square feet with just four bedrooms.

Bezos owns two other homes in Beverly Hills. He bought the first (above) for $24.45million in 2007 and snatched up a neighboring property 10 years later in 2017 for $12.9million

Bezos owns two other homes in Beverly Hills. He bought the first (above) for $24.45million in 2007 and snatched up a neighboring property 10 years later in 2017 for $12.9million 

The aerial shot above shows the entire Bezos compound - which consists of two neighboring properties - in Beverly Hills

The aerial shot above shows the entire Bezos compound – which consists of two neighboring properties – in Beverly Hills

With that said, the majority of the Bezos’ land holdings can be found, surprisingly, in West Texas, where the ex-Amazon exec owns an estimated 400,000 acres in Culberson and Hudspeth counties east of El Paso, known as Corn Ranch.

The land was purchased by Bezos for an unknown amount in 2004, as most of the Texas land was bought using limited-liability companies named for famous explorers, the Wall Street Journal wrote at the time.  

The sprawling property includes the his 30,000-acre Figure 2 ranch outside of Van Horn, which serves as a reminder of the summers Jeff spent on his grandparents’ ranch growing up, outside the small town of Cotulla.

Bezos bought the home from attorney Ronald Stasny, who reportedly spent millions renovating the gray stucco, one-story property, built in the 1920s. Stasny added a spa in the bathroom, remodeled the kitchen, put in new tile floors, and refinished its posh porches, The Wall Street Journal reported at the time. 

The ranch serves as the home base for Jeff’s private space company Blue Origin, which was founded in 2001.  

A portion of the Bezos’ net worth comes from Blue Origin, which is valued at somewhere between $1billion and $28billion. 

It is difficult to determine the specific value of the company because of the lack of details available about the enterprise, and the fact that Jeff is the sole shareholder, Chad Anderson, CEO of venture fund Space Angels, told Bloomberg. 

Jeff said in April 2017 that he funds Blue Origin through the sale of ‘about $1billion a year of Amazon stock’.  

The majority of the Bezos' land holdings are in West Texas, where the family owns an estimated 400,000 acres in Culberson and Hudspeth counties east of El Paso. One of the holdings is a 30,000-acre Figure 2 ranch outside of Van Horn (above)

The majority of the Bezos’ land holdings are in West Texas, where the family owns an estimated 400,000 acres in Culberson and Hudspeth counties east of El Paso. One of the holdings is a 30,000-acre Figure 2 ranch outside of Van Horn (above)

Figure 2 is also the home base of Jeff Bezos' space exploration company Blue Origin, which was incorporated in 2001. The firm made history in 2015 when it successfully launched and landed the reusable rocket, New Shepard (above)

Figure 2 is also the home base of Jeff Bezos’ space exploration company Blue Origin, which was incorporated in 2001. The firm made history in 2015 when it successfully launched and landed the reusable rocket, New Shepard (above)

Back in 1999, Bezos, then sporting a net worth of roughly $10 billion, made his first property purchase in New York City, snapping up a pad on Manhattan’s ritzy Central Park West, overlooking Central Park, for $7.7million. The previous owner was former Sony Music executive Tommy Mottola.

The home is made up of not one, but three interconnected apartments in the famed Century building in the city’s Upper West Side  

Back in 1999, Bezos, then sporting a net worth of roughly $10 billion, made his first property purchase in New York City, snapping up a pad on Manhattan's ritzy Central Park West, overlooking the park, for $7.7million

Back in 1999, Bezos, then sporting a net worth of roughly $10 billion, made his first property purchase in New York City, snapping up a pad on Manhattan’s ritzy Central Park West, overlooking the park, for $7.7million

The home is made up of not one, but three interconnected apartments in the famed Century building in the city's Upper West Side

The home is made up of not one, but three interconnected apartments in the famed Century building in the city’s Upper West Side 

Bezos has owned the three apartments in the prominent Upper West Side building for more than two decades

Bezos has owned the three apartments in the prominent Upper West Side building for more than two decades

Bezos first big real estate purchases, however, came in the form of two homes purchased in his home state of Washington in 1998, which the businessman combined into one estate that has served as his primary residence over the past few decades.

The pair of properties, situated in Medina, an exclusive Seattle suburb also home to Bill Gates, cost the then rapidly emerging mogul $10million, for 5.3-acres of property. 

One of the homes covers 20,600 square feet with five bedrooms and five bathrooms. The other is 8,300 square feet with five bedrooms and five bathrooms. The latter is rumored to have cost $53million to build.  

The estate with 310 feet of Lake Washington shoreline underwent a $28million renovation in 2010. 

Bezos owns two homes in Medina, an exclusive Seattle suburb also home to Bill Gate. He paid $10million for the 5.3-acre property in 1998

Bezos owns two homes in Medina, an exclusive Seattle suburb also home to Bill Gate. He paid $10million for the 5.3-acre property in 1998

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Leaving Cert may end up as traditional exam as ‘school profiling’ ruled out

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The Leaving Cert may end up as a traditional exam this summer with additional choice for students after officials ruled out the use of “school profiling” for a hybrid model.

Taoiseach Micheál Martin and other party leaders were informed by senior officials earlier this week that a hybrid or accredited grades model – based on teachers’ estimates – might need to draw on schools’ historical results in the Junior Cert exams.

This is due to the absence of exam data for about 25 per cent of this year’s Leaving Cert candidates, who did not sit the Junior Cert in 2020 when it was cancelled due to Covid-19 concerns.

This data is regarded as crucial in the standardisation process, which aims to ensure teachers’ estimated grades in different schools are equitably awarded.

However, Government sources said the use of this data has now been ruled out in the event that some form of accredited grades is used because it could prove to be as “too problematic”.

A decision on the format of this year’s Leaving Cert is likely in the next week or so.

The Government had planned to use school profiling in 2020 when Leaving Cert exams were first replaced by a system based on teachers’ estimates.

However, it dropped the plan following opposition claims this could penalise students attending school in disadvantaged areas.

Officials are now understood to be examining whether it is possible to generate accredited grades in a different way that is fair and equitable.

One Government source said it was their understanding that Leaving Cert options have now narrowed. “It seems to be edging towards traditional exams this year, with greater choice for students,” they said.

Disruption

While additional choice in questions in the forthcoming State exams were announced last August, officials have been exploring ways of going further due to the level of Covid-related disruption which has occurred since.

This could see a similar level of choice incorporated into the summer exams as was used last year.

Another Government source said all options were still being considered and nothing had been ruled out. “Things are still at a delicate stage,” they said.

Students are calling for the introduction of a hybrid Leaving Cert on the basis that many have experienced significant disruption to their studies due to the pandemic.

Teachers’ unions are opposed to grading their students for the purposes of the Leaving Cert and say further adjustments to the exams are needed.

It is understood Mr Martin, along with Tánaiste Leo Varadkar and Green Party leader Eamon Ryan, were briefed on potential options for the format of this year’s exam on Monday by Minister for Education Norma Foley and her officials.

The decision to omit school profiling in the 2020 Leaving Cert was at the centre of an legal challenge taken by Belvedere College student Freddie Sherry, who argued that the decision impacted unfairly on his results.

However, the High Court ruled that the Government was fully entitled to make changes to the standardisation model which they considered to be in the public interest.

It found that Mr Sherry had not shown he, or Belvedere, were subject of an unfairness arising from the final approach taken and had “certainly not” established an unfairness that would lead the court to conclude the system was unlawful.


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Voco Hotels debuts in Germany

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IHG Hotels & Resorts, acting in partnership with Hotelite Management, has opened its first voco hotel in Germany; voco Dusseldorf Seestern. Located in the Lorick district of the city, voco Dusseldorf Seestern is a great premium option for those visiting Dusseldorf for business or leisure. The hotel is within walking to distance to the banks of the Rhine river and a short drive from the airport and the city’s main shopping and business districts.

 

With 160 rooms, voco Dusseldorf Seestern, embodies the brand’s design ethos by creating a warm and inviting space with playful and bold decorative touches throughout. The use of bright, warm pops of yellow give voco its distinct identity. All the rooms include signature voco touches, such as high-quality bedding made from 100% recycled materials and eco-friendly large size bathroom amenities from Antipodes, an award-winning plant-based organic skincare company. Guests will also have access to a fully-equipped onsite fitness area including a sauna and steam room, perfect for those looking for a bit of me-time.

 

Offering all-day dinning, the hotel’s ‘Restaurant & Bar 38’ offers a great selection of meals all prepared with the finest organic ingredients. For breakfast, guests will find anything from a continental breakfast to a full English breakfast, as well as an assortment of healthy snacks to choose from. For lunch and dinner, Restaurant 38 offers an a la carte menu filled with local and international dishes. Come evening, Bar 38 is the perfect place to unwind from the day. Whether it be enjoying a cold drink whilst watching live sports on the screens or enjoying a cocktail on the terrace with friends, family, or work colleagues – there is a space for everyone.

 

For business travellers, voco Dusseldorf Seestern has five modern meeting rooms with a capacity of up to 140 participants – all fitted with the latest technology to enable hybrid meeting requests.

 

Oliver Walzer, Cluster General Manager of Hotelite, commented: “We are proud to be the first voco hotel in Germany and are looking forward to inviting our first guests to come and experience what the brand is all about – especially in Dusseldorf, a city where fashion, culture and commerce meet. Whether it be a short city break or a business trip, our onsite hosts will make sure that visitors will have a charming, unstuffy and playful experience that brings out the very best in them.” 

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Detached homes see average values up £60k during the pandemic says Halifax

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The pandemic property boom has been driven by a surge in demand for larger homes, new research has revealed.

The average value of a detached home in Britain has risen at almost twice the rate for flats, according to the data from Halifax and IHS Markit.

Buyers can expect to pay on average £425,177 for a detached property, which is an increase of £60,556 or 17 per cent since March 2020.

Buyers can expect to pay on average £425,177 for a detached property, which is an increase of £60,556 or 17 per cent since the March 2020

Buyers can expect to pay on average £425,177 for a detached property, which is an increase of £60,556 or 17 per cent since the March 2020

It compares to an increase of around 9 per cent for a typical flat during the same period, where values have risen on average £13,325 to an average of £158,992.

At the same time, the average price of a terrace property has risen 15 per cent or £27,715 to £213,798, while semi-detached also rose 15 per cent or £36,841 to £280,090.

HOUSE PRICES BY PROPERTY TYPE
All Houses All Buyers UK Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 15.40% 9.10% 14.90% 15.10% 16.60%
Price Change (since Mar ’20) £33,820 £13,325 £27,715 £36,841 £60,556
Average price Dec 2021 £276,091 £158,992 £213,798 £280,090 £425,177
Source: Halifax/IHS Markit        

The data also highlighted the widening of the gaps between each type of home, with flat owners expected to spend an extra £54,806 to upsize to a typical terrace house, compared to £40,416 in March 2020.

At the same time, those currently in a terrace would need a further £66,292 to own a semi-detached home, compared to £57,166 in March 2020.

Meanwhile, home movers hoping to switch from a semi-detached to a detached property need an additional £145,087, compared to £121,371 in March 2020.

REGIONAL HOUSE PRICE CHANGES BY TYPE
% Change (since Mar ’20) All Flat Terraced Semi-Detached Detached
East of England 13.00% 7.40% 14.20% 14.80% 14.30%
Northern Ireland 14.30% -2.40% 15.20% 16.70% 13.40%
South West 18.40% 10.90% 19.00% 19.50% 20.20%
London 6.40% 0.70% 6.80% 7.60% 12.40%
Scotland 12.10% 9.60% 14.20% 13.70% 16.30%
West Midlands 14.60% 7.10% 12.60% 15.50% 17.40%
East Midlands 15.50% 12.10% 16.50% 17.50% 19.00%
North West 18.20% 13.40% 18.80% 17.00% 21.90%
Wales 21.90% 11.70% 25.10% 21.20% 24.40%
North East 14.40% 14.30% 19.80% 11.80% 15.50%
South East 13.10% 7.40% 13.70% 13.80% 15.40%
Yorkshire 16.50% 4.30% 15.40% 17.00% 18.30%
Source:  Halifax/IHS Markit        

Wales and the North West saw the greatest increase in detached home prices, up 24.4 per cent and 21.9 per cent respectively.

The most expensive detached homes are in London, at an average £910,568. The 12.4 per cent increase is almost double the average of all property types in the capital.

Russell Galley, managing director, Halifax, said: ‘Record numbers of moves have been taking place throughout the pandemic, with the demand for detached homes now greater than for any other property type, meaning the competition for those looking to buy an often larger property is fierce.

‘As employers began to crystalise longer-term plans for home and hybrid working, buyers have been able to consider homes further afield as the need to commute falls away, with properties previously considered too remote now giving families extras like garden rooms and home offices.

This trend means Wales, with its beautiful countryside and lower relative property prices, saw the strongest growth in detached homes over the past two years.’

REGIONAL HOUSE PRICES BY PROPERTY TYPE DURING THE PANDEMIC
East of England All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 13.00% 7.40% 14.20% 14.80% 14.30%
Price Change (since Mar ’20) £36,767 £13,340 £34,669 £45,351 £63,141
Average Price Dec 2021 £319,447 £192,721 £279,087 £352,699 £505,379
Northern Ireland All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 14.30% -2.40% 15.20% 16.70% 13.40%
Price Change (since Mar ’20) £21,448 -£2,327 £14,027 £22,012 £25,600
Average Price Dec 2021 £170,946 £94,922 £106,105 £153,917 £217,226
South West All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 18.40% 10.90% 19.00% 19.50% 20.20%
Price Change (since Mar ’20) £44,773 £17,038 £38,716 £49,973 £76,380
Average Price Dec 2021 £287,774 £173,502 £242,285 £306,171 £454,133
London All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 6.40% 0.70% 6.80% 7.60% 12.40%
Price Change (since Mar ’20) £31,724 £2,657 £33,159 £44,891 £100,525
Average Price Dec 2021 £525,351 £371,744 £520,359 £635,422 £910,568
Scotland All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 12.10% 9.60% 14.20% 13.70% 16.30%
Price Change (since Mar ’20) £20,795 £9,789 £18,433 £23,357 £39,783
Average Price Dec 2021 £192,988 £112,075 £148,224 £193,975 £283,214
West Mids All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 14.60% 7.10% 12.60% 15.50% 17.40%
Price Change (since Mar ’20) £29,778 £8,625 £20,532 £33,265 £57,685
Average Price Dec 2021 £234,263 £129,851 £184,061 £247,881 £389,553
East Midlands All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 15.50% 12.10% 16.50% 17.50% 19.00%
Price Change (since Mar ’20) £30,275 £13,536 £24,346 £33,919 £57,186
Average Price Dec 2021 £225,106 £125,563 £171,686 £227,336 £358,441
North West All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 18.20% 13.40% 18.80% 17.00% 21.90%
Price Change (since Mar ’20) £32,591 £14,070 £24,426 £31,917 £63,229
Average Price Dec 2021 £211,954 £118,979 £154,308 £219,294 £351,887
Wales All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 21.90% 11.70% 25.10% 21.20% 24.40%
Price Change (since Mar ’20) £36,917 £11,570 £30,111 £34,639 £62,688
Average Price Dec 2021 £205,579 £110,318 £149,966 £197,768 £319,492
North East All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 14.40% 14.30% 19.80% 11.80% 15.50%
Price Change (since Mar ’20) £20,162 £11,527 £20,071 £17,666 £37,373
Average Price Dec 2021 £159,694 £92,214 £121,187 £166,876 £278,863
South East All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 13.10% 7.40% 13.70% 13.80% 15.40%
Price Change (since Mar ’20) £43,298 £15,502 £38,704 £49,203 £78,220
Average Price Dec 2021 £374,454 £223,610 £320,944 £404,648 £586,781
Yorkshire All Flat Terraced Semi-Detached Detached
% Change (since Mar ’20) 16.50% 4.30% 15.40% 17.00% 18.30%
Price Change (since Mar ’20) £27,192 £4,708 £19,442 £29,624 £50,192
Average Price Dec 2021 £192,210 £114,535 £146,081 £203,805 £324,581
Source: Halifax/IHS Markit         

North London estate agent Jeremy Leaf said: ’Soaring demand for detached homes is not surprising as we are seeing buyers prepared to stretch themselves to purchase properties which they regard as for the longer term, rather than settling for smaller houses or flats. 

These buyers are often using money saved during lockdown by not going on holiday or other spending, to contribute towards their deposit. They are also taking advantage of continuing low interest rates even though the threat of higher repayments and inflation is looming.

‘Detached homes have long been the pinnacle in terms of what people aim for when buying property. They are popular because they offer flexibility, privacy, control and independence, which isn’t always the case with semi-detached or terraced properties where there is an element of shared space or boundaries, increasing the risk of conflict.

‘Price growth has been strongest in Wales because often affordability is greater in those markets in the first place. We have noticed the drift from the centre of towns and cities to the suburbs, country and coastal areas as people get more accustomed to hybrid working and not having to spend as much time in the centre. They are looking for higher-quality outside space and the ability to work comfortably from home.’

Separate research by Coutts found that demand has also been high for luxury leafy lodgings in the capital.

It said that sales for super prime homes worth £10million or more jumped from 56 in 2020 to 106 in 2021.

Peter Flavel, of Coutts, said: ‘For many investors these prime and super prime properties provide the opportunity to put funds into assets that offer the space they need as hybrid living continues to influence lifestyle choices.’

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