Real estate located outside London may offer good value for money, particularly when compared to the capital, where prices continue to climb. This is the assertion of Savills, with the firm pointing out that average property values fell by 2.5 per cent across the UK over the last six months, while assets in London saw their worth rise further still, up by 4.3 per cent in the same period. The region to have experienced the greatest price declines year-on-year is the south-west, with an annual drop of 5.5 per cent.
However, during the third quarter of 2011, it was the Midlands and the north of England that was hit the hardest, with housing values slipping by 3.6 per cent during these three months. Looking ahead, Savills anticipates that the London real estate market will outperform other parts of the UK in the short to medium term. The firm added: "Prime regional property still appears good value next to that in prime London, given continued price growth in the capital."
Earlier this month, PrimeLocation published data which revealed that homes in the most sought-after districts around the UK are considerably more expensive than those that are classed as secondary assets. According to the organisation, prime real estate prices are approximately 115 per cent higher than the overall UK average.
- Tuesday 01 November 2011