New ceiling for house prices (From Surrey Comet)

New ceiling for house prices

2:42pm Friday 3rd November 2006 in News

If proof were needed that it's a sellers' housing market, a new development of seven properties in Surbiton sold out in one hour and two of the houses went for £100,000 over the asking price.

The Calendar Mews in Electric Parade all have two bedrooms, two bathrooms, a cloakroom, study and garage. Three of the homes have dining rooms.

They range from 800 to 1,000sq ft and sold for between £345,000 and £450,000.

Designer and former councillor Dennis de Lord said: "The Mews was built using original materials used in the conservation area. - Dorking red bricks, granite cobblestones, natural slate, bath stone, clay tiles and traditional wooden windows.

"All seven houses in the development were recently snapped up within the first hour, three of them going for £100,000 more than originally valued.

"This sets a new ceiling for prices in Surbiton, but hopefully illustrates what can be achieved architecturally in conservation areas."

“I have seen it from the outside and it looks quite a grand settlement. It’s a pretty extraordinary price though, I do not think it is a story that follows throughout the rest of the market.”

Chris Dias

All the houses were sold to owner occupiers with a mixture of families, young professionals and one older couple.

David Pullen from selling agents Chase Buchanan said: "It's fantastic, I think it was down to our extensive prelaunch advertising through our websites and the unique nature of the development.

"It's a small, exclusive development and that always encourages people.

"It has taken us by surprise but October has been our best month of the year.

"There are some really serious buyers and it is a great time to sell."

He added that all the buyers of Calendar Mews were local, which made it easier as people had faith in the area and location.

Certainly the news of the development's success has raised a few eyebrows in the community, but is it just a one off?

Chris Dias, sales negotiator at Townends Estate Agent in Claremont Road, Surbiton, said: "I have heard about this development and that it sold out so quickly.

"I have seen it from the outside and it looks quite a grand settlement. It's a pretty extraordinary price though, I do not think it is a story that follows throughout the rest of the market."

He added that of Townends properties, the higher end of the two-bedroom market was more like £400,000 rather than £450,000.

Being in a conservation area helps, as does a concerted PR campaign highlighting the benefits of the development and its situation, he said.

Mr Dias added: "Things like period features also add something different. We get a lot of email requests for property in conservation areas because that is what people are looking for.

"It's still very hard to explain that price, I can't explain how they got so much demand, it's very rare."

A scan of property websites reveals that the most similar development pulling in premium prices is in Lovelace Gardens, Surbiton, where a two-bedroom penthouse flat is expected to sell for £450,000.

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