Commuter Belt Family Homes and Prime Central London See Greatest Price Growth, Says Hamptons International's Property Price Tracker.
The price of family homes in London commuter belts and the Prime Central London property market are the biggest performers of the first quarter of 2012, according to Hamptons International's newly launched Property Price Tracker Index.
The index, which is based on a consistent basket of sample properties across every Hamptons International's branch, highlights average price growth of 2.4 per cent in Prime Central London prices between January and March this year, taking the average price of property to £2,320,313.
Driven by a lack of good quality stock in desirable areas, the family home market in the London commuter belt has also seen a strong performance, with average price growth of over three per cent amongst four and five bedroom detached houses. Godalming, Teddington and Chiswick have seen particularly high growth amongst family homes, with the price of family homes increasing by 9.6 per cent, 5.6 per cent and 6.9 per cent respectively, taking average prices to £937,500, £1,087,500 and £1,600,000.
Mirroring the Sales market, the greatest rental growth during the first three months of 2012 has been amongst family homes, specifically driven by families keen to locate themselves close to good schools. In particular, rents for four bedroom detached family homes have seen significant short-term price growth of over five per cent, with notable performances from Winchester (6.6%), Marlborough (6.3%), Guildford (4.4%) and Fulham (10%).
Adam Challis, Head of Research at Hamptons International, commented: "We have seen the strongest price rises for family homes in the London commuter belt. This can largely be put down to a lack of good quality stock which has created an upward pressure on prices. Over the same period, applicant levels across the board have been rising, creating an increase in competition for desirable homes.
"A tale of two markets continues for Lettings, with distinct differences in performance across our London and Country offices. There is also a difference in demand by property type. Family homes in the outskirts of London are by far the most popular type of housing and we have seen the competition for homes within catchment areas to good schools drive upward price pressure."