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Prime commuter housing markets set to outperform the capital

Prime commuter housing markets are set to outperform prime London in the five years to 2020, with the relative value offered compared to the capital likely to underpin medium-term house price growth, according to Savills, which has just published new five year forecasts for the UK’s prime housing markets.

However, the firm adds that short term growth prospects are likely to be hampered by the combined impact of stamp duty, mortgage market review and a slow prime London market.

The price gap between property in London and its commuter belt indicates the potential for significant growth once the ripple effect is restored. Prime London property prices are 36.8% above their 2007 levels, compared to a 6.6% rise in commuter areas over the same period.

Consequently, the prime housing markets in London suburbs, inner commuter (up to 30 mins train journey to London) and outer commuter (up to 60 mins) locations have the strongest growth prospects over the five years to 2020, at 24.5%, 24.0% and 23.4% respectively.

Prime London is expected to acclimatise to a new tax and regulatory environment in 2017, with trend rates of price growth returning from 2018 onwards to deliver five year price growth of 21.5%.

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