3 Jul

Prime homes outside London starting to recover

Prime homes outside London starting to recover

The cost of homes in London was reported in June to have hit levels above the peaks previously seen pre-recession, but now a new study has shown that those outside the capital are also starting to perform well.

The findings, published by Savills, it is those rural homes that have performed well, with estate agents in Elmbridge seeing a rise of 6.6 per cent compared to their 2007 peak as of June.

Other areas where the market has seen a significant improvement include the likes of Cambridge, Oxford, Winchester and Bishop’s Stortford all now marginally exceeding the prices that people were paying for them pre-2007. These commuter belt homes are seeing growth so far in 2013 that amounts to 1.9 per cent on average.

However, the market is not proving to be universally positive, with some areas still struggling to see any rise in the price of prime properties.

"At the beginning of the year we anticipated that 2013 would mark a turning point in the prime regional markets, with the gap between prices in the prime markets in the capital drawing demand out of London. This has been slow to materialise meaning the gap has widened further," said Lucian Cook, director of Savills residential research.ADNFCR-1222-ID-801607527-ADNFCR

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