Moving to the countryside has been a significant theme running through the 2020/1 housing market – we’ve seen buyers who were in a position to do so trading city homes for life in more spacious, scenic surroundings. 

Of course it’s never one size fits all and we’re now seeing a resurgence of activity in prime regional town and city locations. As the buzz of bars, shops and restaurants begins again so many affluent young professionals, families and empty nesters are looking to towns and cities for accessibility, convenience and a lively, well-connected urban landscape. 

Undoubtedly fuelled by a reminder of what people have been missing during lockdown, this is also part of a longer term trend where prime urban areas have typically outperformed village and rural locations, as this table shows:

Price movement by location to March 2021

We’ve identified 15 highly desirable regional hotspots in our latest prime report where average second hand house prices represent a premium over the county average of between 11.2 per cent (Farnham in Surrey) and 161 per cent (Virginia Water, also in Surrey).

Also on the list are St Andrews in Fife (73.3 per cent), Bearsden, north west of Glasgow, in Dunbartonshire (114 per cent), Edinburgh (30.5 per cent), Bramhall in Greater Manchester (104 per cent), Knutsford in Cheshire (86.9 per cent), Cambridge (57.6 per cent), Oxford (25.4 per cent), Beaconsfield in Buckinghamshire (155 per cent), Epping in Essex (60.8 per cent), Esher in Surrey (34.1 per cent), Henley-on-Thames in Oxfordshire (55.9 per cent), Winchester in Hampshire (62.4 per cent), and Sevenoaks in Kent (111 per cent).

Meanwhile, our agents are reporting strong activity in cities such as York, Bristol and Bath as buyers leave London to return to urban roots elsewhere. Indeed the value gap between London and regional towns and cities will continue to drive additional demand beyond the UK capital, particularly from those looking for more space.

Further information

Contact Frances Clacy

Contact Savills Residential Research