Palace in the Park could be yours for £40m

A swish palace overlooking Regents Park in London is thought to be one of the most expensive new terrace houses in Britain.

Lethbridge House in Cornwall Terrace has a carriage driveway, swimming room and spa, and could be yours for a cool £40 million.

Dubbed the Palace in the Park, Lethbridge House is the last property to go on the market from the terrace, which is made up of eight Grade I listed homes originally built in 1811.

The building was commissioned by the Prince Regent – later King George IV - and designed by John Nash, the renowned architect responsible for Buckingham Palace.

The mansion spans 11,797 sq ft and features six bedrooms (including a master bedroom floor), six reception rooms, seven bathrooms, a balcony, a swimming pool, wine cellar and media room, plus expansive views across the park.

There are also two separate mews houses at the rear of the property for guests.

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The double-fronted mansions overlook the Regent Park's rowing lake, and belonged to the British nobility for 150 years.

According to the Daily Mail, developers Oakmayne purchased the terrace around five years ago and employed a group of interior designers, supervised by English Heritage and The Crown Estate, to makeover the properties.

Due to the huge amount of work involved, the terrace homes are now classified as new homes and have commanded some of the highest prices for refurbished properties.

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The people who affect house prices
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Palace in the Park could be yours for £40m

They have the power to push a price higher, depending on how many other people are in the running for a home and how liberal they want to be with the truth to the buyers. In some cases, they can also do more harm than good by initially overvaluing a property. The worst case scenario is the home eventually sells for less than it would have done had it been priced realistically in the first place.

Sometimes a quick-moving solicitor can be the difference between getting the home at the price you want and getting into a bidding war or missing out entirely. If the buyer needs a quick sale, they're more likely to do a deal with someone who has a flexible solicitor who can push through the sale so it suits them.

Research by Halifax concluded that anti-social neighbours could take £31,000 off the price of an average home. If you’re selling, you should declare any problems you’ve had on a Seller’s Property Information Form, otherwise you could face a claim later on.

While an increase in Council Tax might not be too much of a deterrent to a potential buyer, plans to grant permission for new homes, a mobile phone mast or wind turbines could knock an asking price down. If you're a buyer, the local council should have details of any future planning applications and you can search them for a small fee.

A lot of traffic in an area obviously has an effect on air quality. Since 1997 each local authority in the UK has carried out studies of the air quality in its area. If an area falls below a national benchmark for air quality, it has to be declared an Air Quality Management Area (AQMA). Some residents of the Llandaff area of Cardiff expressed concern that it had become an AQMA due to an increase in traffic in the area. Whether this becomes a widespread issue remains to be seen.

Mortgage availability is a key driver of property prices. If no-one can take out a mortgage, then prices will stall and eventually fall. We've seen this happen in parts of the UK in recent years, as lenders tightened up their criteria following the credit crunch. Conversely, good mortgage availability will mean more people are competing for properties - to a seller's advantage if their home is desirable.

An outstanding local school can add around 8% to the value of a home, according to the Royal Institution of Chartered Surveyors. On the flipside, a not so good Ofsted report can take off a similar amount. If you’re concerned about a school’s performance, one way to get involved is to become a governor.

Initiatives such as the Help To Buy scheme have been credited with pushing house prices up. A buoyant economy with strong employment gives people the confidence to buy and leads to an upward shift in house prices, while rises in unemployment have the reverse effect. Planning restrictions, at both a national and local government level, affect the number of homes in a particular area.

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