South West outperforming average UK house prices
Price growth for prime properties in towns across the South West of England is outperforming the UK average, according to research published by Knight Frank.
Annual prime property prices over the last 12 months increased in Bath (4.8%), Bristol (7.4%), Cheltenham (8.6%), and Oxford (0.7%)
The study shows an increase in the gap between supply and demand in Bath, Bristol, Cheltenham and Oxford.
Figures for Cheltenham indicate a 16% year-on-year increase in the volume of new buyer registrations in Q2, as well as a 14% rise in viewings over the same period.
In Bristol, figures from the study show a 17% yearly increase in the volume of new buyer registrations in Q2, and a 19% rise in viewings over the same period.
Price growth in Bath and Oxford was dampened by Brexit and the April stamp duty changes.
Oliver Knight, associate at Knight Frank Research, said: “Since the financial crisis, prime town and city markets across the UK have consistently outperformed their more rural counterparts in terms of price growth. Such outperformance has been driven by the continued demand from buyers for homes in prime urban locations which offer excellent state, private and grammar schools, good transport links and plentiful amenities.
“Londoners, who may be seeking more space and a balance between city and country life, are also able to take advantage of the price differential between property values in the capital and those elsewhere in the country. This means those selling a property in London for one in a different town or city will get more bricks and mortar for their money.”
The study points to improved transport links as a central reason for buoyancy in the region, following the electrification of the Great Western Main Line and the construction a new high-speed rail link between London and Oxford.