For the first time since the downturn began seven years ago some new homes outside of London are selling for £1,000 per square foot according to estate agent Savills.
So far only a handful of schemes have breached the magic barrier but more are likely to do so as the surge in prices, and higher demand for new-build homes via the Help To Buy scheme, continue apace.
In Devon the Estura scheme of 14 villas and apartments at Salcombe, marketed by Marchand Petit and Savills, has achieved the £1,000 psf level. This is mainly because it is the first waterfront new-build scheme there for 25 years. Individual homes have been marketed at up to £1.9m and several sold so far have exceeded £1,000 psf.
The same applies to Eton Riverside, marketed by Savills, where the scheme has averaged £1,000 a foot but some units have sold at up to £1,300. And at Somerset Place in Bath shell-and-core' new builds within a restored grade II listed Georgian crescent have been selling at almost exactly £1,000 psf.
The price benchmark is familiar within London where agents have routinely been selling new-build homes for that price and above for several years. Research by CBRE show that in the early 200s the £1,000 psf mark was breached at Knightsbridge, Mayfair and Belgravia. Nowadays new homes in much humbler parts of the capital - Wandsworth, Battersea, Shepherd's Bush, Shoreditch and Camden Town - go for that price.
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