The race for space has been the key trend of the pandemic, hugely raising the allure of the country, reports the Hamptons research team. The rate of price growth in rural areas in the first ten months of 2021 was eight per cent — double that of cities in England and Wales. More than a third of homes sold in the country in 2021 received three or more offers.
In 2019, only three local authorities — Elmbridge, St Albans and Three Rivers — had a higher average house price than London. There are now eight authorities with an average price higher than that of London — £507,300 — adding Cambridge, Hertsmere, Mole Valley, Tandridge and Windsor & Maidenhead.
Despite the ending of the stamp duty holiday, the country market remains resilient. In the final quarter of 2021, the average seller of a prime home in the South of England received 99 per cent of the property’s asking price, against 98 per cent in Q4 2020. At the height of the country boom in the second quarter of the year, the average seller received 99.3 per cent. Sellers in the South West were most likely to achieve more than their asking price; in the fourth quarter 36 per cent did so, against 25 per cent of sellers in the East of England and 24 per cent in the South East. In 2022, there are few signs that the migration from London will slow significantly. In the fourth quarter of 2021, 15 per cent of homes in the South of England were acquired by a buyer from London, compared with ten per cent in the same quarter of 2019. The price gap between London and the country may have narrowed or even closed in some locations, but homes outside the capital still offer more space.
In 2021, there were record low levels of properties for sale in rural locations. More choice should be available this year, taking some heat out of the market, says Hamptons. Price growth in the southern regions is set to outpace London until 2024, but the tempo will moderate in 2022. Hamptons forecasts rises of 3.5 per cent in the South West, three per cent in the South East and 2.5 per cent in the East of England.
The rental market in the country was lively in 2021. Demand was driven up by house-hunters unsuccessful in the search for their dream rural home. There were double-digit increases in rents between June and November, with the South West leading the GB rental growth league.
The rents on larger properties rose most strongly thanks to the race for space; smaller properties under performed. Build-to-rent groups developing on sites in the South of England have also benefited from the willingness of young professionals to leave London. Rental home stock levels in the country seem unlikely to improve in 2022. But the pace of growth in rents will moderate as affordability barriers emerge. Hamptons forecasts that the average rent will increase by 3.5 per cent in the South in 2022 and 2.5 per cent in 2023.
If you’re looking to move further out of the capital to take advantage of additional space and the expansive green areas outside of London, Hamptons points to developments such as Heathbourne Village, Bushey Heath, a gated scheme by Consero.
Heathbourne Village, Bushey Heath, from £875,000.
There are 14 four- and five-bedroom detached and semi-detached houses at Heathbourne Village, as well as 27 two- and three-bedroom apartments, on the site of a former disused Edwardian lodging.
Each home is designed to be different from its neighbour, and they are influenced by Arts and Crafts style, with features such as contrasting brick and render elevations, brick detailing, pitched roofs and bay windows. One of the penthouses has a walk-in wine room.
The houses reflect the new work/life balance and sustainable lifestyle many of us are seeking as a result of the pandemic. Bushey Heath has excellent commuter connections, but also a village atmosphere, with independent shops and eating places and easily-accessible countryside and woodlands. Prices are £875,000 to £2.6 million.
Nouveau, Stanmore, from £385,000., Agent for Hamptons
In Stanmore, Griggs Homes is building Nouveau, nine one- and two-bedroom apartments, mostly with balconies or terraces, in a gated setting with outside space and private parking. The apartments are above the new Mosaic synagogue, which is home to Liberal, Masorti and Reform congregations.
Nouveau, Stanmore, from £385,000. Agent for Hamptons.
The apartments will include soft-close designer kitchen furniture, Siemens appliances, Italian quartz worktops, fitted wardrobes, fully tiled bathrooms and en-suites and underfloor heating. Nouveau is convenient for the shops and amenities of Stanmore Broadway, as well as open green spaces such as Stanmore Country Park, Stanmore Common and Bentley Priory Nature Reserve.
Stanmore tube station is a short walk from the scheme, with a journey to Bond Street taking 30 minutes. Prices start at £385,000 with Help to Buy available on selected plots.
Hillgrove House, Edgware, from £519,950, Agent for Hamptons
In Edgware, Shanly Homes is offering Hillgrove House, 20 one- and two-bedroom luxury apartments, close to the centre of Edgware. The interiors are open-plan, with space for home working and a balcony or terrace for each apartment.
Kitchens include branded appliances; all bedrooms have fitted wardrobes and master bedrooms have an en-suite bathroom with designer sanitaryware, luxury tiling and vanity units. Some apartments have private allocated parking.
Hillgrove House is an eight-minute walk from Edgware tube station — Station Road is also well-supplied with shops and there is a wide local selection of synagogues and schools. Hillgrove House is also within easy reach of open spaces such as Canons Park, Stonegrove Park and Chandos Recreation Park. Prices start at £519,950 with Help to Buy available.
Hamptons is agent for all the above developments
