London house prices: demand for space saw prices of large homes with gardens rise by 10 per cent during lockdown, says ONS

The price of larger detached homes in London surged by almost 10 per cent during the full lockdown in April as buyers sought out houses with more outdoor space and room for “home working.”

At the same time the average price of a flat fell by 0.2 per cent, according to latest figures from the Land Registry.

The stark contrast appears to confirm anecdotal reports that buyers were prepared to pay a premium for more spacious properties where they could work from home and enjoy their gardens.

Today’s data is the first from the Land Registry since Boris Johnson issued the “stay at home” order in March to slow down the spread of the coronavirus.

During April Londoners were only allowed out for brief exercise or food shopping.

For London as a whole they show that average prices fell 1.6 per cent during the month to £480,425. However that still left them up 2.3 per cent year on year.

Detached homes went up 9.5 per cent over the year to an average of £971,142, semi-detached properties rose by 5.6 per cent to £602,377 and terraced houses by 4.3 per cent to £511,058.

The average cost of a flat or maisonette fell 0.2 per cent to £410,745.

North London estate agent Jeremy Leaf said: “Pent-up demand is just starting to be released and, combined with the bringing forward of moving decisions planned for next year partly prompted by the stamp duty holiday, has proved to be a powerful stimulus for activity.'