Outlook positive for prime country market
Prime housing markets outside of London have shown signs of positive growth in the last 12 months. In fact, over the last three years, there has been an overall rise of around 3.4% on average across the UK.
This is particularly relevant to prime properties near or close to urban environments, such as those around the city of Norwich. It seems like buyers are keen on investing in prime property that comes with the advantages of big city living.
Although prime house prices still remain a little below those of pre-2008 crash times, overall the signs are positive and the market seems to be growing. This is especially true of properties at the lower end of the prime market.
Perhaps the most important news for Norfolk and other more rural areas is that the prime market is more buoyant here than it is in central London areas, having outperformed that of the capital in recent times. The same is true for areas like Bristol, which has seen rises of around 7.4% annually, and Cheltenham, which has seen rises of 6.4% over the past year.
These prime properties close to urban areas offer buyers all the benefits you would associate with city life. Chief amongst these are schools and transport hubs (including airports). The ability to commute to and from work is also a big deal for many potential buyers, although flexible working has meant to an extension of the range of interest for many buyers.
Most importantly, the price difference between homes in the capital and what is available in more rural areas is also appealing to buyers. For the price of a reasonable three or four-bed town house in London, buyers can get significantly more their money in other areas. The continued stagnation of prices in London and growth in other areas seems to indicate that this is a trend that will continue.
Agents Frank Knight, who produced the national report on prime properties, said that they expect the prime market to remain relatively stable in the near future, especially in areas closer to cities.
If you’d like to know more about prime properties available and the benefit of living in and around the Norwich area, get in touch with our Agile property team. We have an extensive knowledge of the local market, including the prime sector, and are always happy to talk about investment options.