Young wealthy families are increasingly relocating to attractive towns, cities and urban neighbourhoods outside the UK’s capital city.These families are being joined by a growing band of prosperous empty nesters for whom access to a range of good restaurants, shops and leisure facilities has become more important as greater life expectancies promise extended retirements.

The phenomenon is part of a longer term trend, which has seen the emergence of a series of so-called ‘super suburbs’ within a number of cities across the UK. This is perhaps most clearly illustrated by the experience of the varsity cities of Oxford and Cambridge.

Over 20 years, the average sale prices recorded in the Oxford wards of St Margaret’s and North Oxford have risen by 659 per cent and 617 per cent respectively. In both cases the average sale price now stands at over £1.2 million.

In Cambridge the average sale price in the wards of West Chesterton and Petersfield has risen by over 500 per cent in the same period (though not to the same level). As a result, the £1 million semi or terraced house is not uncommon in these two cities. Indeed, in 2015, they accounted for 60 per cent of all £1m+ sales in these locations, with 104 sales of this type recorded by the Land Registry.

This localised long-term analysis also pinpoints the significant rise of Brighton over the past 20 years. Of the 30 electoral wards beyond London which have seen the biggest increase in their average sale price over this period, 12 are located in the local authority of Brighton & Hove, though the average values within these wards currently range from £285,000 to £430,000.

These are just three examples of established and emerging prime regional urban markets. Underpinned by demographic changes, more flexible working patterns and higher housing costs in the capital we expect this trend to continue.

This suggests that emerging prime urban locations will mature while prime urban neighbourhoods in established locations will expand over the next decade, shaping the nature of the retail and recreational offering in the process.

Top five established prime regional urban markets:

Top five emerging prime regional urban markets:

Further information

Read our Spotlight Prime Country Residential Markets 2016