Surrey prime property prices climb as London ripple effect “finally kicks in”
- “The London ripple effect has finally kicked in” says award-winning estate agent Barton Wyatt
- Knight Frank report prime house price rises of 2.5% in Virginia Water (Q2 2014)
- Barton Wyatt predicts up to 7% price rise in Surrey by summer 2015
With prime property price growth in London reportedly slowing it appears that the ripple affect has finally kicked in with Knight Frank, in their Q2 2014 Prime Country House Index, reporting “the strongest rate of annual growth in the prime country market in four years.”
According to the report, prime country house prices across England rose by 1.1% in Q2 2014, with house prices in the popular Surrey village, just 23 miles west of London of Virginia Water rising by 2.5%.
Property values in Surrey are already close to twice the national average which currently sits at £168,356 for England and Wales. The average property price in Surrey rose 0.4% in June taking the figure to £320,102 for the County. Over the past year this figure has risen 5.3% which spells good news for property owners.
This rise in property prices within the Virginia Water area has also been witnessed first-hand by internationally respected estate agent, Barton Wyatt, whose Partner, James Wyatt comments,
“We have been waiting patiently for the prime property price rises seen in London to ripple out to the Home Counties and at last they appear to be here! Sales activity has trebled in the past 4 months with buyers and vendors keen to trade.”
Wyatt continues,
“Mid-market properties in our area have been selling well for the past 18 months but movement at the top end has remained frighteningly quiet. All of a sudden the London prime sector appears to have reached a pinnacle and the focus has moved sideways to certain areas in the Home Counties and beyond – Oxfordshire and Hampshire are also seeing price rises for prime stock so I hear.”
Wyatt is also the Chair of the Surrey NAEA (National Association of Estate Agents), a role offering him exposure to the whole county not just the exclusive enclaves of Virginia Water. Wyatt explains,
“Chairing the Surrey division of the NAEA means I get to speak to estate agents small and large. Whether I am talking to Savills, Knight Frank or small independents the news has been the same. Prime stock that was sticking has suddenly had a turnaround in interest as domestic and international buyers alike have got fed up with fighting for meagre pickings in the city and want more choice which thankfully leads them to us.”
Based on current trends and James’ 30 years of Surrey estate agency experience, Barton Wyatt is predicting price increases of 5-7% by summer 2015.
He reports that investment buyers are looking for capital growth from their purchases and it is apparent that this is more likely to be achieved in the Home Counties rather than the inner city. Areas within an hour’s commute to London continue to be a top destination and the added lure of world class golf, first class schooling, privacy and green open spaces all paints a very attractive picture for buyers looking to relocate from the capital.
For more information on properties available in the Virginia Water area contact the experts Barton Wyatt on 01344 843 000 or visit www.bartonwyatt.co.uk.