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Union Investment acquires Dublin residential development (IE)

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Union Investment is further expanding its position in the Irish residential market with the acquisition of “Newtown Gardens”, a development in Blackrock, in Dublin’s South suburbs. The Hamburg-based real estate investment manager entered the Irish residential market in 2021 with the acquisition of the residential development “8th Lock” in Northwest Dublin, which is currently under construction.

 

“Newtown Gardens” and “8th Lock” have been acquired for the portfolio of the open-ended public real estate fund UniImmo: Deutschland. This is the fourth major residential investment for the fund. The seller and contractor is the Irish listed housebuilder Glenveagh Homes. The transaction has been structured by way of forward purchase and project completion is expected in Q3 2024.

 

“Blackrock is considered as one of the most desirable and sought-after residential addresses and benefits from nearby public transport, close proximity to Dublin City Centre, the amenity rich Blackrock Village and Seapoint Beach. The development will be delivered to very high quality and sustainability standards. Due to the structural shortage of high-quality rental accommodation in affluent areas, we expect demand to remain strong in future”, said Friedrich Georg Warmbold, Head of Investment Management Residential at Union Investment.

 

The scheme consists of five detached apartment blocks with a total number of 140 apartments, an underground parking garage with 67 car parking spaces and a further 30 surface parking spaces. The apartment mix is well diversified, focusing on one- and two-bedroom apartments.

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UK towns with the most £1million-plus homes revealed

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More than 730,000 homes in Britain have a price tag of at least £1million, according to new research.

The findings reveal that a total of 730,390 properties have a value of at least seven figures.

It is equivalent to 2.5 per cent of all the homes in the country, or one in every 40 homes, the data from estate agents Savills highlights.

It based its research on sold prices from the whole of the property market, from HMRC, Revenue Scotland and the Welsh Revenue Authority. It also used property portals data from TwentyCi.

Seven-figure: Savills looked at the increase in £1million-plus homes throughout Britain during the past year, with 41,223 properties crossing over the £1million threshold in 2022

Seven-figure: Savills looked at the increase in £1million-plus homes throughout Britain during the past year, with 41,223 properties crossing over the £1million threshold in 2022

In the past three years, the number of £1million-plus homes has increased by an eye-watering 40 per cent.

However, the latest figure is slightly down from a peak of more than 760,000 homes in September 2022, which was recorded during the height of the pandemic’s red hot property market.

Higher price growth and increased demand for larger properties saw 41,223 properties cross over the £1million threshold in 2022. It brings the total value of Britain’s £1million home market to £1.43 trillion.

Lucian Cook, of Savills, said: ‘The number of property millionaires across Britain has shot up in the past three years, as a consequence of a booming post-lockdown property market, with people placing a greater value than ever on their home and lifestyle.

‘While we expect the top end of the market to be less affected by higher interest rates and cost of living pressures than the mainstream, it is not entirely immune to them. This suggests 2022 will represent a high water market for £1million-plus homes for a few years at least.’

Places with the biggest rise in property millionaires

More than half – 53 per cent – of £1 million homes are now located outside of London. This is the highest proportion in more than 15 years.

The South West saw the number of homes sold above £1million double – up 104 per cent – since 2019.

It was helped by a vast increase in sales over £1million in North Somerset – up 163 per cent – East Devon – up 94 per cent – and Cornwall – up 8.6 per cent – in the past year.

Cornwall (pictured: St Ives) has seen sales of £1million-plus properties increase by 8.6% during the past year

Cornwall (pictured: St Ives) has seen sales of £1million-plus properties increase by 8.6% during the past year

Savills also identified the local authorities with the most £1million-plus sales, with North Somerset leading the way

Savills also identified the local authorities with the most £1million-plus sales, with North Somerset leading the way

Homes valued at £1million or above now make up 2 per cent of all housing stock in this market, Savills said.

However, Wales saw the largest percentage increase in property millionaires – up 146 per cent on 2019.

The region still has the smallest percentage of £1million homes at 0.3 per cent, accounting for just one in every 293 properties.

In absolute terms, the largest increase in the number of property millionaires has been in the South East of England, where one in every 22.4 homeowners has seen their home tip over £1million in the past three years.

Hotspots include the district of Rother in East Sussex (pictured: Rye) where sales above £1million increased by 125% last year

Hotspots include the district of Rother in East Sussex (pictured: Rye) where sales above £1million increased by 125% last year

Hotspots include East Sussex and Surrey 

Hotspots include the Rother district of East Sussex, and Epsom and Ewell in Surrey, which can partly account for this growth – with sales above £1million increasing by 125 per cent and 115 per cent respectively in 2022.

Elsewhere, there are now more than 10,000 homes in Scotland worth at least £1million for the first time, over half of which are in Edinburgh.

Mr Cook added: ‘Once a London phenomenon, new one million-pound hotspots have sprung up across the breadth of Britain in the wake of the pandemic, as affluent home buyers changed priorities in the search for more space.

‘But as some of the lifestyle drivers ease, this rebalancing is likely to become somewhat less pronounced, with more buyer focus returning to the capital.’

What’s for sale in the property millionaire hotspots? 

Hotspots include the Rother district of East Sussex, and Epsom and Ewell in Surrey, where sales above £1million increased by 125 per cent and 115 per cent respectively in 2022. 

This four-bedroom detached house in the village of Brightling, (scroll down for more details, pictured left) is in the Rother district of East Sussex. It is currently on the market for £1.5million and is being sold by Freeman Forman estate agents. 

It is followed by detached house in Surrey’s Epsom (pictured right) which is for sale for £1.65million via V&H Homes. The property has five bedrooms and four bathrooms.

This four-bed detached house for sale for £1.5million is in the village of Brightling, in the Rother district of East Sussex - and is being sold by Freeman Forman

This five-bed detached house in Surrey's Epsom is for sale for £1.65million via V&H Homes

Property millionaire hotspots include the Rother district of East Sussex (pictured left: four-bed detached house for sale for £1.5million is in the village of Brightling, in the Rother district of East Sussex), and Epsom and Ewell in Surrey (pictured right: five-bed detached house in Surrey’s Epsom is for sale for £1.65million )

 

London retains property millionaire crown

London locations continued to dominate the £1million map, and homes valued at and above this price point now account for one in every 10.6 homes in the capital.

Although London has seen has seen the smallest percentage increase to its share of £1million homes in the past three years, 10,454 properties tipped over the threshold in 2022, the highest absolute gain.

Hillingdon – which is up 95 per cent – and Croydon – which is up 81 per cent – were the London boroughs that saw the largest increase in £1million sales in the past year, albeit from a low base relative to other boroughs.

Overall, there are still more £1million homes across Westminster and the Kensington and Chelsea than in the North of England and Scotland combined.

London’s Hillingdon sees largest rise in £1million property sales 

This three-bedroom house in North Hillingdon, Middlesex, is for sale for £1,075,000

This three-bedroom house in North Hillingdon, Middlesex, is for sale for £1,075,000

London locations continue to dominate the £1million property map.

Hillingdon is the London borough that saw the largest increase in £1million sales in the past year.

This three-bedroom detached house in North Hillingdon, Middlesex, is for sale for £1,075,000 via Gibbs Gillespie estate agents.

It has plenty of space, with a large driveway, a garage and three bedrooms. And it has good transport links, being within easy reach of Hillingdon London Underground station.

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Posh properties to see prices drop 6.5% this year says Savills

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Expensive homes are expected to see their values fall by 6.5 per cent this year, according to a leading estate agent.

Savills forecast the decline saying that buyers are more ‘realistic’ following two years of record growth in the housing market. 

However, it added that these homes – worth at least £2million – have been ‘more robust’ than other parts of the market due to a higher proportion of cash buyers and a lack of supply.

These cash buyers are less affected by rising interest rates and soaring mortgage costs – and that means values will reclaim lost ground over the next five years, to rise by 9.9 per cent, according to Savills.

But that forecast also represents a far lower rate of growth for house prices than seen in recent years, with annual gains of less than 2 per cent on average.

Estate agent Savills has forecast how values will change in the prime housing market during the next five years

Estate agent Savills has forecast how values will change in the prime housing market during the next five years

The estate agent said prime homes saw price falls of 0.4 per cent during the last three months of 2022. 

Its findings were from its own research, based on ‘experience and historic evidence’, with it defining the prime market as the top 5 to 10 per cent of the market by value. 

At the same time, the number of potential buyers registering an interest was 47 per cent higher than in the same period in 2019, it said.

Andrew Perratt, of Savills, said: ‘Although the frenzied activity seen during the pandemic has cooled, demand is still strong for best-in-class properties in the most sought-after locations.

‘Indeed, county houses across the Cotswolds and East of England continued to see modest house price growth in the quarter.’

Savills went on to explain that while the imbalance between demand and supply persists in the expensive regional market, the economic challenges have put buyers’ spending power under pressure.

This will temper demand in this part of the housing market during 2023, it said.

Country homes in the East of England have seen 'modest house price growth', says Savills (pictured: seven-bed house in Norwich's Swannington being sold by Savills for £2.1million)

Country homes in the East of England have seen ‘modest house price growth’, says Savills (pictured: seven-bed house in Norwich’s Swannington being sold by Savills for £2.1million)

Mr Perratt explained: ‘We are forecasting prices in the prime regional market to be 6.5 per cent down on average by the end of the year, leaving values where they were in mid-2021.

‘The increased cost of borrowing is likely to have a stronger impact on those markets which typically take on more debt. For example, London’s suburban and commuter zones are expected to see average prices fall by 8 per cent by the end of 2023.

‘But, for the moment at least, the quantity of premium stock available to buy remains constrained, with nearly half of Savills agents reporting a decrease in stock over the past three months, which will cushion price falls in the short term.

‘And our recent client survey indicated that there is still a strong commitment to move over the next 24 months, which will help support a recovery in prices over the medium term once we pass a period of elevated interest rates.’

Country homes in the Cotwolds have also seen values rise say agents (pictured: five-bed house in the Cotwolds' Upton Cheyney being sold by Carter Jonas for £2.5million)

Country homes in the Cotwolds have also seen values rise say agents (pictured: five-bed house in the Cotwolds’ Upton Cheyney being sold by Carter Jonas for £2.5million)

Elsewhere, Halifax revealed that the average price of a typical British home is £281,684, which is only marginally lower than a month earlier, but down £12,308 on the £293,992 August peak.

James Shaw of buying agents Prime Purchase, said: ‘In the prime regional markets we are seeing a tiered market where the ultra wealthy are driven by the house and obtaining their desires, rather than worrying about money. 

‘That outlook is not impacted by rising interest rates. If they choose to borrow it’s because it makes commercial sense, rather than they need to. Lack of stock means that if a property they like the look of comes up, they will inevitably grab it.

‘We are seeing buyers being increasingly cautious and scrutinising pricing more carefully. But due to a lack of stock there are still some rather optimistic valuations around.

‘This year, we expect to see sellers try to reach for the moon in terms of pricing. Then, if they are truly motivated to sell and have a reason to do so, they will probably have to readjust their aspirations.’

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Eight-bedroom house where 1960s band Fairport Convention was born can be yours for £6million

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The house where 1960s folk band Fairport Convention was born is on sale, and could be yours for a cool £6million. 

The eight bedroom property in Fortis Green, north London was the childhood home of the famous band’s guitarist Simon Nicol, where the group later rehearsed and thus named the group after. 

The corner terrace, which was listed for sale on property website Rightmove last Thursday, is distinguished by its tall chimney and in addition to numerous bedrooms, boasts three bathrooms, three reception rooms, and an annex.

It also has a garage which has space for four cars, as well as a separate flat above it. 

Images show off the property with an illustrious musical history in all its glory, with a grand marble fireplace featuring in both the dining room and living rooms, filled with chandeliers hanging from high ceilings. 

The eight bedroom property in Fortis Green, north London was the childhood home of the famous band's guitarist Simon Nicol

The eight bedroom property in Fortis Green, north London was the childhood home of the famous band’s guitarist Simon Nicol

The living room features plush red sofas which blend into its peach-coloured walls. It also has a beautiful fire place, wooden flooring and chandelier's in most rooms

The living room features plush red sofas which blend into its peach-coloured walls. It also has a beautiful fire place, wooden flooring and chandelier’s in most rooms 

On the second floor, images show a jaw dropping bedroom with high ceilings and three large windows which shed natural light into the room.

On the second floor, images show a jaw dropping bedroom with high ceilings and three large windows which shed natural light into the room.

The corner-terrace was listed for sale for £6 million on property website Rightmove last Thursday

The corner-terrace was listed for sale for £6 million on property website Rightmove last Thursday

The property in Fortis Green, north London was the childhood home of Fairport Convention's guitarist Simon Nicol, where the group later rehearsed and thus named the group after (Pictured L to R - Gerry Conway, Simon Nicol, Dave Pegg, Ric Sanders and Chris Leslie)

The property in Fortis Green, north London was the childhood home of Fairport Convention’s guitarist Simon Nicol, where the group later rehearsed and thus named the group after (Pictured L to R – Gerry Conway, Simon Nicol, Dave Pegg, Ric Sanders and Chris Leslie)

The living room features plush red sofas which blend into its peach-coloured walls. One of the three reception rooms next door boasts a cosier feels, with comfortable leather sofas in a snug space. 

A more modern vibe greets would-be-buyers in the kitchen with open planning, featuring white counters and light woods throughout. 

On the second floor, images show a jaw dropping bedroom with high ceilings and three large windows which shed natural light into the room. 

The garden, which is as long as a cricket pitch, features a large communal area with benches surrounding the exterior. 

The average property price in the Fortis Green area last year was £653,125, according to Rightmove. 

Listed by estate agents Tatlers, the description reads: ‘Fairport’ the inspiration in the name of infamous rock/folk band Fairport Convention who rehearsed here in the 60s.

‘An imposing residence of local importance is this detached period villa built circa 1908 affording just under 6,000 sq. ft of accommodation laid out over three floors, plus a separate annex housing a four-car garage with self-contained one bed flat above.

The entrance to the property in Fortis Green showcases beautiful wooden floors and original beams

The entrance to the property in Fortis Green showcases beautiful wooden floors and original beams 

A more modern vibe greets would-be-buyers in the kitchen with open planning, featuring white counters and light woods throughout

A more modern vibe greets would-be-buyers in the kitchen with open planning, featuring white counters and light woods throughout

The property has three large bathrooms, one of which features a his and hers sink, two toilets and marbled walls

The property has three large bathrooms, one of which features a his and hers sink, two toilets and marbled walls 

Images show off the property with an illustrious musical history in all its glory, with a grand marble fireplace featuring in both the dining room and living rooms

Images show off the property with an illustrious musical history in all its glory, with a grand marble fireplace featuring in both the dining room and living rooms

The garden, which is as long as a cricket pitch, features a large communal area with benches surrounding the exterior

The garden, which is as long as a cricket pitch, features a large communal area with benches surrounding the exterior

‘The property is offered in well-presented condition and offers a unique opportunity to acquire a spacious residence in this most desirable location.’

Copyrighter and Fairport fan James Rose, 56, who shared the listing on to social media, said: ‘I used to live in Muswell Hill and I’ve been a Fairport fan since about 1981.

‘I’d sing or whistle a tune of theirs every time I walked past.

‘These days I’m a ridiculous house-hunter so coming across Fairport on the site yesterday sent me into a perfect reverie of living in such a culturally important place.

‘They will have written a lot of those first four albums there, but if you read White Bicycles – producer Joe Boyd’s account of the era – he recorded them elsewhere.

‘It’s a wonderful house, but the worry is that for that price, a buyer will ‘improve’ it. The typical large rambling family home there is half that price.’

A spokesperson for Tatlers added: ‘It’s a brilliant opportunity to purchase this substantial family house with separate rear annex which could be further converted subject to planning.

‘Simon Nicol – son of a local GP – was bought up and founded the iconic British band Fairport Convention in 1967 and rehearsed here, Fairport being the inspiration for the band’s name.’

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