Data from the Land Registry has revealed that the average price of a Wimbledon home has exceeded £1million. According to the figures, there were 117 property sales in SW19 during the fourth quarter of 2020, at an average of £1,131,816 – an increase of 41.2% since the same period in 2019.
The rise is being attributed to an increase in sales of larger homes in 2020 – compared to the previous year when flats and maisonettes dominated.
The Covid-19 pandemic has also seen rising demand for detached homes across the UK, according to a study by the Halifax. The mortgage lender found that the average price of a detached property rose by 10% in the year to December, outstripping the increase in all other types of home.
The changes follow the three lockdowns, the introduction of the stamp duty holiday and the rise in working from home, driving up demand for properties with bigger gardens, more internal space and in leafier locations.
Across the UK, buyers paid an average price of £486,595 for a detached property in December. Terraced houses were also in demand, with values rising by 5.8%. But flats recorded the smallest increase, of 3.2%.
Looking further back, the price of a detached home has trebled over the last two decades.
However, the bank warned that the increased cost of detached properties could squeeze those wishing to move up the property ladder.
Russell Galley, managing director of Halifax, said: “The stamp duty holiday has undoubtedly helped to fuel growing demand amongst households for larger properties.”
But he added: “The gaps between each rung of the housing ladder have widened significantly. Those who have been unable to take a step up the housing ladder in the last year or so may find it harder to trade up than ever before.”