A recent report shows that the demand for higher end properties throughout the UK has had positive growth; however, the positive trend has not applied to the same extent equally throughout the country. It appears that the following key factors have played a vital part in aiding the demand for prime housing.
Factors such as the frequency and speed of rail connections to London have played a key role in boosting demand for property within locations such as Ingatestone,Brentwood and Shenfield, which contain a number of high value properties owned by city commuters. Another example of an area benefitting from good transport links is Surrey, with the A3 providing a stream of wealth flowing from the Capital.
Other prime value locations have not fared so well. It has been reported that in certain areas some large substantial rural properties, that are typically situated some way from commuter zones, have remained 16.6% below their 2007 levels.
The effect a good school has on property prices is not to be underestimated. Top schools on average are commanding a 30.3% premium on house prices in the surrounding area. An example of such a school can be seen in Colchester, where the Royal Grammar School is currently ranked number one in it's sector. Even during the so called recession during the last five years the strong demand for property in this area has been largely unaffected.
Top performing fee paying junior schools, seem to have been most influential on local house prices. Such schools have been reported to command a premium of more than 50% in their immediate area.
Commuter links and schools are, however, only two of many factors that can affect house prices, but it is worth remembering the disparity that the these factors can cause when comparing the UK’s prime regional market to other less well connected and lesser performing educational establishments.
The above is not legal advice; it is intended to provide information of general interest about current legal issues.
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