U.K. Asking Prices Hit Record in the Face of Raging Demand
Double-digit annual increases left the average asking price at £242,832 in May.
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Good news for home sellers across the U.K. in May spelled bad news for buyers as property price gains reached double digits, according to a report Tuesday from Nationwide.
Asking prices swelled 10.9% last month compared to May 2020, the highest level recorded since August 2014. The gains pushed up the average asking price in the country to a record £242,832 (A$442,819), which is £23,930 higher than the same time last year, the bank and mortgage provider said.
The U.K.’s property market spent half of last May shuttered following the arrival of the coronavirus pandemic. In England—Scotland, Wales and Northern Ireland reopened on separate timetables—restrictions on the industry were eased in mid-May, and allowed activity to resume in accordance with government-mandated guidelines.
On a monthly basis, prices rose by 1.8% in May from April, slightly less than the 2.3% jump recorded between March and April, according to Nationwide.
“In the same way as other sectors of the economy, house prices have been driven higher by a supply squeeze as the U.K. comes out of the pandemic,” Tom Bill, head of U.K. residential research at Knight Frank, said in a statement on the report’s findings.
“Add in a stamp duty holiday and the fact pent-up demand has been building for years against the backdrop of Brexit, and the result is a burst of house price inflation,” he continued. “More supply is starting to come online, which will redress the balance. We therefore expect U.K. house price growth will slow down after the summer, declining to 5% by the end of 2021.”
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This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
Whimsy Farm is a playful period estate positioned in Byron Bay’s picturesque hinterland.
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Tucked away in Byron Bay’s coveted hinterland, Whimsy Farm is a traditional rural homestead surrounded by more than 16ha of lush fertile grounds with equestrian facilities and a host of whimsical additions including a fairytale-inspired maze.
Just listed with Sotheby’s International Realty Byron Bay, agents Denzil Lloyd and Will Phillips are running an expressions of interest campaign on the glamorous getaway with a price guide of $5.25 million to $5.75 million.
The romantic estate in Federal, 25 kms from Byron Bay dates back more than a century, but has been meticulously renovated by its current owners to attain modern day dream home status.
Back in 2016, the enviable property even featured on Foxtel’s short-lived reality TV show I Own Australia’s Best Home. The picturesque parcel has also been appreciated by location scouts and has appeared in a long list of fashion brand and magazine shoots such as Country Style and Queensland Homes.
Owner Melinda Boundy, founder of boutique interiors firm Melinda Boundy Design, was instrumental in reviving the historic Federal homestead. She has described the rural property as a “a respite from the world” where she and her husband have raised their two sons over the past decade.
“I brought my boys down 10 years ago to nurture their creativity, their boyhood,” Boundy said in a recent Instagram post announcing the impending sale.
“We found our farm with its double-storey treehouse and 40 acres the perfect place for two young boys to thrive.”
In addition to hiring out the estate for formal events, Boundy said the family had celebrated several milestones at the address.
“Many parties, sleepovers, friends staying and events have been held [here]. It has seen the filming of a TV show or two, music videos, location shoots and weddings,” she added.
“Now it’s time to pass the baton to another family to share the magic and wonderment of this beautiful compound.”
Lloyd agreed that the listing is a magical estate, ripe for the picking.
“It’s a wonderland. There’s the maze, but it’s also got the treehouse, teepee, dams, beautiful established veggie gardens and it’s perfect for those who love horse riding,” Mr Lloyd said.
“It really is an oasis with plenty of classical charm as well. It’s not an ostentatious home; it’s an original Queenslander from 1910.”
Living up to its storybook name, Whimsy Farm is home to a preserved traditional Queenslander residence with five bedrooms, plus a freestanding guest cottage. There is also a separate pool house and a combined shed or office on site, all capturing scenic hinterland views.
The main single-storey residence has a choice of entertaining spaces inside and out as well as bedrooms opening to private alfresco areas. A grand kitchen and the large living room both open to a vast terrace and pool area.
In the primary bedrooms suite there is a bay window overlooking the natural surrounds, an ensuite with double vanities, and out on the covered deck an outdoor bathtub is an idyllic spot for soaking under the stars.
The playful property has also operated as a holiday rental and offers up unique bonus features including a solar-heated semi circle pool, a double-storey treehouse, a teepee, horse stables, paddocks and a an Olympic-sized dressage arena.
A true tree change destination, the Federal address is home to 10 acres of regenerated forest, eight water tanks, two lagoons, extensive raised veggie gardens and a citrus orchard.
It is conveniently located a scenic 30-minute drive to Byron Bay and 20 minutes to Bangalow.
Whimsy Farm at 711 Federal Dr, Federal is listed through Sotheby’s International Realty Byron Bay through an expressions of interest campaign closing February 20, 5pm.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
