There’s been a “rebalancing of the market between London and the country”, says Savills, as the capital lags a sharp increase in £1m+ sales across the UK.
Country towns and villages are seeing a much bigger rise in property searches than major cities, reports Rightmove. Dartmouth in Devon saw twice as many online searches this September compared to last, while agreed sales in the harbour town have shot up by 179%.
Savills has revised its prime rental price forecasts. Prime London rents are now expected to fall by 3% this year, with inflation of +7.6% over the next five years. Leafier locations outside the capital, meanwhile, are set for 3.5% growth in 2020, and +11.5% by the end of 2024.
Average prime values outside of London have climbed beyond their 2007 peak for the first time, says Savills, and now sit some 1.4% above their pre-crash high.
Edinburgh usually dominates the Scottish prime market, but more rural locations have stepped up since the Spring Coronavirus lockdown was eased.
Jane Austen was a frequent visitor to Ashe Park, which is now on the market via Savills.
The latest Savills buyer survey reveals “a greater urgency in the desire to move home”, allowing the top-end estate agency to predict that the current surge in buying activity will continue beyond the summer – particularly in country markets.
August’s most popular property listings included an Essex mansion, a Cornish recording studio and a “Grand Lodge” in Staffordshire.
“One would have thought the very city itself was running out of the gates”, wrote Daniel Defoe of London in 1665. The Treasure Island author’s vivid descriptions of a plague nearly half a millennium ago could well be applied to the property market in 2020, say Charlie Ellingworth and the Property Vision team…
Large parts of the historic Lilford Hall Estate have not been lived in for half a century.
In Pictures: The magnificent West Woodyates estate in Dorset was once owned by political patriarch Thomas ‘Diamond’ Pitt. It’s up for sale for the first time since 1929, sporting an £18.5m asking price.
Covid-19 has changed the way many people view their daily commute, prompting some to look further afield for their next home. Buying agent Charlie Rearden explores what this could mean for property markets, and notes some potential pitfalls for the new breed of part-time commuter.