Over the past year, prime city properties in London's outer commuter regions (ie, 30 to 60 minutes commute by train) have increased in value by 7.3 per cent. Towns in the capital's inner commuter regions (ie, up to 30 minutes by train) have seen property values rise by 4 per cent over the same period.

The healthy rises in these regions reflect the current trend for urban living, particularly among young families who appreciate the good transport links, retail and leisure facilities offered by market towns and cathedral cities.

As the economy continues to recover and the London housing market slows, we expect more London buyers to move out to the regions. The prime commuter markets and urban locations are best placed to take advantage of this.

However, despite the rise of urban living, our survey last year of those looking to buy prime property outside London, found that only a third were looking in urban locations.

This preference is just beginning to show in the figures: prime property in rural and village locations saw annual price growth of 2.3 per cent and 0.1 per cent respectively over the year to March 2015, though prices still lag behind 2007 levels.

When it comes to space, value for money, privacy, fresh air and proximity to nature, country life beats urban living hands down. Prime rural properties are on average 98.5 per cent larger than those in urban locations but on a price per square foot basis, are 25.8 per cent cheaper. Villages sit between the two, offering 21.3 per cent more square footage at a 7.2 per cent discount.

So while the trend for urban living will continue, further down the line as we move into the next phase of the housing market cycle, we believe the value gap between the prime urban markets and their rural counterparts will begin to close as demand becomes more evenly spread.

Further information

Read Savills Spotlight Prime Residential Markets Beyond London in full.