Two Million Pound Price Drop for W12 House
Eight bedroom former vicarage among many making drastic reductions
House is on the corner of Stamford Brook Road and Flanchford Road. Picture: Hamptons
June 29, 2023
The price of an eight bedroom house in Stamford Brook has plunged by over two million pounds.
The Gothic style former Victorian vicarage on the corner of Stamford Brook Road and Flanchford Road was originally on the market for £9,000,000. However, it is now being listed by three estate agents - Hamptons, Knight Frank and Dexters - at a reduced price of £6,950,000.
Though this is by far the most drastic drop, it is not the only property in the area to have been forced to cut its cost. Rightmove lists around a dozen houses in desirable areas of Hammersmith and Shepherd’s Bush, including Stamford Brook, Askew Road, Ravenscourt Park and Brook Green, with reduced price tags.
This comes as new research from Zoopla found that soaring mortgage rates are having a knock-on effect on asking prices, with over four in ten vendors - 42% - accepting offers 5% or more below their asking price and 15% agreeing to cuts of at least 10%.
The research also found that there has been a surge in the supply of houses on the market, with 18% more homes listed for sale in the last four weeks compared with the five year average, and says that if this increases further, either through voluntary or forced sales, this greater supply will boost the choice available for buyers and give them room to negotiate - which will further drive down house prices.
One of the living rooms in the property. Picture: Hamptons
The research predicts that in the longer term, house price growth is set to be much weaker as property prices and household incomes realign over the next three to five years.
“The resilience of the housing market in London is set to be tested further with mortgage rates reaching toward 6%,” says Richard Donnell, Executive Director at Zoopla.
“Although there are fewer buyers in the market, those that remain are serious about moving. Those looking to move home in 2023 need to be realistic on pricing and be open to negotiating if they want to secure a sale.”
Despite the two million pound price crash, the former vicarage on Flanchford Road remains by far the most expensive local property. The four storey, 7,000 square foot house dates back to 1886, when it was built as a vicarage attached to the neighbouring St. Mary’s Church, which was converted into luxury apartments in 1984.
There are four reception rooms, including a library, dining room and a grand triple-windowed room leading to a huge conservatory. There is also a bespoke Smallbone kitchen and a grand entrance hallway with granite floors and a grand staircase.
As well as eight bedrooms, the house has five Bathrooms and two guest powder rooms. The master bedroom suite, consisting of a spacious double bedroom, a dressing room and large en suite bathroom takes up half of the first floor, along with two further bedrooms and a bathroom.
Upstairs there are four more double bedrooms, three bathrooms and a utility room on the top floor. The lower ground floor meanwhile is being renovated and offers the opportunity for the purchaser to participate in its final design, identity and finish.
Hamptons says once completed, this area will provide an expansive entertaining space which could comfortably accommodate a home cinema, gym and wine cellar as well as providing accommodation for staff with independent access.
Outside, the property's garden wraps around the house and can be accessed from the large reception room and conservatory. There is also off street parking for four cars.
You can see more of this property here.
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