Spotlight Prime Regional Residential Markets Spring 2014

Savills World Research UK Residential

City living, country life What attracts buyers to prime urban locations and their rural counterparts?

Taking advantage of the price gap Farmhouse vs manor house What buyers want from a property savills.co.uk/research This publication This document was published in March 2014. The data used in the charts and tables is the latest available at the time of going to press. Sources are included for all the charts. We have used a standard set of notes and abbreviations throughout the document.

Glossary of terms n Mainstream: mainstream property refers to the bulk of the UK housing market with, for example, price movements monitored by reference to national and regional average values. n Prime: the prime market consists of the most desirable and aspirational property by reference to location, standards of accommodation, aesthetics and value. Typically it comprises properties in the top five per cent of the market by house price. Spring 2014

Foreword THE first currents of market electricity

Prime country property has lagged behind London, but will the economic recovery give Summary buyers the confidence to exploit the value gap? The key findings s unlikely as it may Christmas. However, the fact 29% in appear in a previous the £500,000 to £1m price bracket are ■ We expect, as we enter the next phase of the life, before I became actively opposed to it suggests it is housing market recovery, house prices across the a researcher I worked viewed with suspicion by those who prime regional market to perform in line with prime as a land agent. aspire to own more valuable prime London. See pages 4/5 AI specialised in tax valuation. That property, even if it is currently out of often involved valuing random legal their financial reach. ■ There is broadly even demand across urban, interests in large country houses. village, and countryside locations, with a stronger Accordingly, I had the great pleasure Rise of urban prime preference for urban locations among downsizers. of working with two of our more With this in mind, the political rhetoric See pages 6/8 colourful country house agents, surrounding this contentious issue one of whom was always “electric” could easily interrupt the ripple effect ■ In the south east a third of buyers are looking or “on fire” and another who more from prime London, even if, on the to upsize compared to just a quarter looking often than not was involved in a chain flip side, its imposition could draw to downsize. This imbalance is likely to create of correspondence with either the money out of London to less competition for family housing stock and in turn Prime Minister or the Archbishop of expensive prime markets. may push up house prices. See pages 8/9 Canterbury. Secondly, we have seen a Both had a genuine love of prime continued rise of prime urban markets ■ We anticipate that 2014 will be the year when country property and looked to in the likes of Tunbridge Wells, the value gap between London and the prime London as the lead to see what Beaconsfield, Oxford, Cambridge, suburbs and inner commuter belt finally begins would happen next in their markets. Bath, Edinburgh and York, that has to narrow. See pages 10/11 Since 2008 they would have become not been matched by properties in impatient at being kept waiting for prime rural locations. This left us ■ In the period post credit crunch, the strongest the recovery, that has been so strong questioning whether the golden age regional performers have been those properties in the capital but which has been of the Country House had passed, located on private estates and dotted around the stubbornly reluctant to work its way to be confined to the sugar-coated fringes of London. See pages 12/13 into the regions. nostalgia of Downton Abbey. Yet, as we publish our first spotlight Our survey results indicate such on prime regional property, there is a thoughts are not the case. The feeling that the recovery is becoming traditional manor house is still the Contents more firmly entrenched in the prime property that would most appeal to regional markets, as the economic our buyers’ friends, though the reality recovery gives buyers the confidence is that, with the £2m price threshold, 04 Market overview to exploit the value gap between the farmhouse is more attainable for 06 Prime buyers survey London and the country. most as prospects get better. However, there have been some Similarly, there is still demand for 08 What motivates buyers? distinct trends in the past five or so renovation projects – more it would 10 London buyers years that are likely to shape the seem than for new builds, even prime regional market recovery. if London finishes are becoming 12 Private estates Firstly, in light of the changes to increasingly in vogue in the shires. 14 Farmhouse vs manor house stamp duty, a clear threshold in the So there is still reason to believe market at £2m has arisen, a reflection that were my former colleagues still of how tax policy can impact on plying their trade, the former would buyers’ psychology as much as their have reason to feel the first currents budgets. It is therefore no surprise of market electricity and the latter Lucian Cook that our survey of prime regional would be praising the Archbishop of UK Residential buyers were distinctly opposed to a Canterbury for having a word with the 020 7016 3837 mansion tax. You could argue this is man upstairs to kick start a recovery [email protected] simply because turkeys don’t vote for in the prime regional markets. n Twitter: @LucianCook

savills.co.uk/research 03 Spotlight | Prime Regional Residential Markets

Market overview CITY LIVING, COUNTRY LIFE

The recovery has finally begun cross both the prime mainstream housing market began London and prime to see price growth, so too did the in the prime regional markets regional markets, prime regional markets, albeit not but which locations are average values fell at the same rate. Since December by -20% over the 18 2012 values in the UK mainstream benefitting the most? monthsA from the 2007 peak to the markets (excluding London) have trough in March 2009. However, seen a growth of 6.1% according to over the past five years there has Nationwide compared to a growth of Words: Sophie Chick been a significant divergence in 5.1% in the prime regional markets. Twitter: @SophieChick performance. Behind this general picture, it is House prices in prime London have clear that different property types and seen continuous strong growth since locations have reacted differently to their trough, increasing on average changing market conditions. by 73.0%, resulting in average values “We expect the trend now reaching 36.2% above their Location, location for urban living to 2007 peak. In the regions, however, Most apparent is a clear geographical there was a different picture. While divide. The markets with the closest continue” Sophie Chick, prices started to recover in 2009, links to London have seen the Savills Research by mid 2010, as it became apparent strongest recovery, benefitting from the recession was continuing, values a flow of housing wealth generated began to fluctuate and to experience in the capital. Average house prices small falls. This continued for two and in both the prime suburbs – locations a half years until the end of 2012. still within the M25 – and the inner The turning point in the market commute – locations between 30 happened in early 2013. As the minutes and an hour’s commute to London – have reached their 2007 GRAph 1.1 peak levels. Prime property price movements If your property was worth £1m However, while all regions have now seen positive annual growth, in 2007, what would it be worth now? there is still a value gap between London locations outside commuter territory £1,400,000 £1,362,000 and the rest of the UK. Average £1,350,000 house prices in the wider south of £1,300,000 England are currently -11.0% below

£1,250,000 Outer commute their 2007 peak and in Scotland that city locations figure falls further to -22.5% below. £1,200,000 £1,154,000 £1,150,000 Town vs country £1,100,000 Geographical location is not the only driver of house prices. Since the £1,050,000 Suburbs downturn there has been a growing £1,000,000 All locations fell £1,069,000 by around 20% trend towards living within thriving £950,000 towns and cities other than London. This has resulted in prime urban £900,000 UK £935,000 properties outperforming their rural £850,000 counterparts across the UK. £800,000 Across all the prime regional

£750,000 Coastal markets, prime urban properties are £843,000 now on average just 3.4% below £700,000 their 2007 peak, compared to Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 07 08 08 09 09 10 10 11 11 12 12 13 13 14 their neighbouring village and rural locations which are lagging behind Source: Savills Research at -11.2% below. This has been

04 Spring 2014

particularly evident in the prime cities given the focus on the taxation of taxation of high value property risks in the outer commuter zone, notably high value property that has already a period of sobriety. ‘little London’ locations such as resulted in increased stamp duty However, on the assumption Oxford, Cambridge and Winchester. above £2 million. that sense prevails and a full scale Demand is strong in these cities, With an election in 2015, and mansion tax is avoided, we expect in part due to the high concentration property taxation high on the political a continuation in the growth cycle of prime housing stock and good agenda, any further changes to the post 2015. n schools. This has led to a strong growth in house prices with average Table 1.1 values now reaching 15.7% above their 2007 peak; the best performing Annual house price growth subsector of the prime regional market. In fact, in the past year alone, 2014 2015 2016 2017 2018 5-year house price growth reached double figures at 11.2%, comparable growth to prime London at 13.1%. Prime London Beside the seaside 4.5% -0.5% 7.0% 7.0% 4.5% 22.7% The prime coastal hotspots of the south west and the east, locations such as Wells-next-the- Prime Regional Sea, Aldeburgh, Sandbanks and 4.5% 1.0% 5.0% 5.5% 5.0% 22.7% Salcombe, were traditionally driven by buyers coming from London – often with bonus money and looking for a Source: Savills Research second home. This resulted in very strong house price growth in the years Map 1.1 leading up to 2007. This changed when the credit Prime regional markets Performance by geography crunch hit and the demand adjusted to become predominantly local, Scotland resulting in prices being re-pegged 1 year Ç 1.0% to the change in the market as buyers Since 2007 peak È -22.5% had lower levels of discretionary 5-year forecast Ç 18.1% equity. By mid 2013 values reached their lowest levels since the downturn Midlands and North at -26% below their 2007 peak. 1 year Ç 0.8% However, over the past six months, Since 2007 peak È -16.3% the prime coastal property markets 5-year forecast Ç 18.1% have seen evidence of discretionary Remainder of South second homes buyers re-entering 1 year Ç 5.6% the market, and average values have Since 2007 peak increased by 8.3%. È -11.0% 5-year forecast Ç 21.0%

What next? Outer Commute We expect, as we enter the next 1 year Ç 5.9% phase of the housing market recovery, Since 2007 peak È -0.9% house prices across the prime 5-year forecast Ç 23.3% regional market to perform in line with prime London. In stark contrast to the Inner Commute previous five years, we anticipate that 1 year Ç 5.2% the suburbs and commuter locations Since 2007 peak Ç 2.3% will outperform prime London. 5-year forecast Ç 25.1% In 2013, we saw the first signs of wealth beginning to flow out of the Suburbs capital, and this has become even 1 year Ç 7.5% more evident so far this year. As the Since 2007 peak Ç 6.9% economy continues to recover and 5-year forecast Ç 26.3% house prices outside of London show growth, we predict more London London buyers will make the move out to the 1 year Ç 13.1% regions, and take advantage of the Since 2007 peak Ç 36.2% price gap. 5-year forecast Ç 22.7% The prime markets face some challenges over the next five years Source: Savills Research

savills.co.uk/research 05 Spotlight | Prime Regional Residential Markets

Prime buyers survey What do buyers want FROM their PROPERTY?

Our bespoke survey of 450 individuals looking to buy prime property outside of London gives an insight as to the changing demands in the upper echelons of the market

Location There is broadly even demand across the three locations of urban, countryside and village, with a stronger preference for urban locations among downsizers Upsizers Downsizers

Countryside Countryside 38% 28% Urban Urban 28% 40%

Village Village 34% 32%

Property attributes Buyers of New Build properties value convenience over aesthetic appeal

1st 2nd 3rd 4th 5th

All buyers Views Number of bedrooms Privacy Land surrounding Size of bedrooms property

Buyers who prefer Period Property Internal period External period Large garden Land surrounding Views features features property

Buyers who prefer New Build Ready-to-move-in Number of Garage Kitchen layout Security condition en-suites

06 Spring 2014

Property type Talking points A rural farmhouse ranks first as the most desirable property type Over £2m vs Under £1m Farmhouse chosen by 58% of respondents

st Over half the 1 respondents believe this property has the most Over £2m potential to add value 50% of buyers want to live in the countryside

Manor House, 56% Vs

nd Less than half of 2 respondents believe this property would Under £1m be most appealing 35% of buyers want to live to friends in an urban environment

Country Cottage, 39% Renovation vs New Build rd Just over half of 3 all respondents in their 30s find this property the most desirable

New Build Contemporary, 26% 71% Would buy a renovation project Vs A third of th respondents 4 believe this property has the highest build quality

New Build, 20% 44% would buy a new build

Over a third of th respondents 5 believe this property has Suburbs vs Countryside the widest market appeal Vs Terrace, 11% Just under a third 77% of respondents 68% of buyers of buyers th believe this living in the living in the suburbs 6 property will see countryside want are using it as a the strongest to remain there stepping stone to growth over the the country next five years

savills.co.uk/research 07 Spotlight | Prime Regional Residential Markets

Prime buyer motivations a moving experience

While many of the reasons oving house is a often find schools in the country have big decision and fewer entry barriers. for moving vary across the UK, what motivates In the south of England, moving up ‘quality of life’ is undeniably buyers to take or down the ladder are the key drivers the plunge varies of the market, featuring at number two the primary motivating factor dependingM on age, geographical or three on the list of what motivates location and price bracket. our respondents to move. Yet, across all demographics, there In the south east a third of buyers is one clear reason which matters to are looking to upsize, compared to all home movers – quality of life. Over just a quarter looking to downsize. 90% of respondents to our survey This imbalance is likely to create chose this as a reason to move, no competition for family housing stock matter whether they are looking for the and in turn may push up house prices. peace and quiet of the countryside or The picture is more balanced in the buzz of an urban environment. the south west and east, although, Interestingly, buyers’ motivations perhaps unsurprisingly, given the Words: Kirsty Lemond vary across the UK. Buyers making the number of coastal retiree hotspots in move from London out to the regions the regions, downsizing takes the lead. want to leave the urban environment Across the rest of the UK, behind them and become part of a downsizing is less of a motivation as better neighbourhood. buyers are more likely to be moving Schools are a big draw and with for employment reasons and to be fierce competition in London, parents closer to family and friends. n

TABLE 2.1 What motivates people to move house across the regions?

London (within M25) South East England South West and East Rest of UK

1 Quality of life Quality of life Quality of life Quality of life

Move out of 2 the urban Upsizing Downsizing Upsizing environment

To be closer to 3 Schools Downsizing Upsizing family / friends

Looking for a better Investment Investment 4 Upsizing neighbourhood Capital Capital growth / community growth

Looking for a better Investment Employment 5 neighbourhood Schools Capital growth related / community

Source: Savills Research, Savills prime buyer survey

08 Spring 2014

GRAph 2.1 Upsizers Reasons for upsizing Move on up Buyers looking to upsize are More external space evident across the country. The key motivation for the majority of our upsizing survey respondents is more A long term home space and especially more external space. It is therefore unsurprising that 70% of buyers who are upsizing More ground floor space want to do so in a rural location, often moving out of an urban environment More bedrooms where space comes at a premium. Those upsizing in their 30s are often doing so in anticipation of a A growing family growing family and schools are top of their agenda. However, to live 0% 10% 20% 30% 40% 50% 60% 70% near a top school comes at a cost. Source: Savills Research, Savills prime buyer survey Our analysis in partnership with the Good Schools Guide shows that the looking to upsize, particularly those average house price premium for with a pot of existing equity, will living near a good school is 24%. be the major beneficiaries of the Key Stats Buyers in their 40s are prepared improving mortgage market and to spend the most on their property. economy. However, buyers will still  70% would like to live in a rural location They are looking to invest both be looking to make their equity go money and time as 82% would be further and, as our survey shows,  There is a 24% premium to live near a good school happy to buy a renovation project. move to somewhere with more As the housing market continues space. This results in a ripple effect  82% of buyers in their 40s would buy a to improve, we expect to see as wealth flows out of the prime city renovation project an increase in the number of environment to the suburbs and then transactions. Existing home owners on to the more rural locations.

Downsizers GRAph 2.2 A lifestyle choice Reasons for downsizing Two-thirds of all housing wealth Easier to manage tied up in owner occupied homes is held by the over 60s. Around Lower running/ 55,000 homeowners downsize maintenance costs each year, releasing equity of around £7 billion. This money is Too much internal space often used to help younger family members to get on the housing ladder. However, our survey shows To release equity that downsizing to release equity is not the key motivation. Too much external space The most popular reason for downsizing is to buy a property To reduce debt which is easier to manage, followed by lower running/ 0% 10% 20% 30% 40% 50% 60% 70%

maintenance costs. The latter Source: Savills Research, Savills prime buyer survey is particularly evident for those selling a £2m+ home who want to release themselves from the just 30% of buyers in their 30s. Key Stats burden and costs of maintaining Clearly, developing the appropriate a large home. type of new build stock is key to  £1 trillion The over 65s own nearly Downsizers are often making increasing the number of downsizers. £1 trillion of equity in residential property the move from the countryside If an additional 2% of the over 60s to an urban location with more downsized each year to a new  40% would like to live in an urban location conveniences on their doorstep. build property, this could increase New build property is appealing housebuilding by 40,000 as well as  52% of over 60s would buy a new build with over 50% of downsizers releasing an equal number of family happy to buy one compared to homes into the market.

savills.co.uk/research 09 Spotlight | Prime Regional Residential Markets

London buyers taking advantage of the value gap

As confidence in the market ll the prime regional reached £409,881 in January 2014, markets, to a varying 162% higher than the average across continues to improve, the number degree, benefit from the rest of England and Wales. This is of Londoners moving out of the wealth generated in the biggest premium since the index London. This comes began in 1995. capital is rising Afrom either buyers relocating out of the capital or city dwellers investing A change in attitude in a second home. In January 2013, savvy buyers saw After the credit crunch happened, the signs of equilibrium returning to the number of buyers who might the country market, and began to take previously have moved to a region advantage of this price gap. Since outside of London diminished. then, we have seen a marked increase Uncertainty around job security kept in the number of buyers relocating from employees close to their desks and London. This time, unlike before the the lack of house price growth in the credit crunch, many of these movers Words: Sophie Chick regions left house owners reluctant to are not willing to entirely relinquish their Twitter: @SophieChick sell their London property. foothold in London. Consequently, one of the results Our survey found that just under of this was that the London housing half the respondents currently living market benefitted from both in London but looking to buy a international investment and domestic country property are planning to sell buyers recycling wealth within London. up completely in London. Instead In turn, this led to strong house price 24% of buyers are looking to have a growth and the gap between prices in country property as a main residence London and the regions reaching an all but keep a London pad, and a further time high. 21% will continue living in London as According to the Land Registry, their main residence during the week the average house price in London with a weekend country home.

GRAph 3.1 What are buyers from London looking for? 59% Holiday of the budget for ‘2 for 1’ property buyers property is allocated to the country property 7%

Country London as residence main residence, only 48% 18% country of buyers over 50 living in London weekend home are looking for a holiday property 21%

Country as main residence, London pad 60% 24% of buyers with a budget between £1m and £2m are not keeping a foothold in London

Source: Savills Research, Savills prime buyer survey

10 Spring 2014

This trend has become known as average 20% cheaper than in Surrey. currently based in London but the ‘2 for 1’; the large increase in the This indicates that despite buyers from are thinking of moving to the country value of a family home in London London generally having high budgets, – without keeping a London property allows sellers to buy both a smaller they are still searching for good value. – would consider doing this. Not only London property and a prime country For the more adventurous seekers of does it offer buyers the chance to house. According to our survey these value, locations in the midlands such explore the area, but it also gives a 2 for 1 property hunters will spend as Stafford and Newark are increasingly realistic idea of how onerous the daily more of the budget – 59% – on the popular choices, particularly for buyers commute into London is. country property. who have to commute to London, but not every day. Value gap to narrow More than one direction Both locations are about an hour and As confidence continues to improve, When it comes to choosing which 15 minutes from London and both offer we expect an increasing number of location to make the move out of great value and lifestyle. The average London dwellers will be unable to resist London to, the Home Counties are the value of a four bed, 2,000 square taking advantage of the value gap and most popular option given the ease of foot house in Lincolnshire is £230k will make the move out to the regions. the commute back to the capital. compared to £937k in Surrey. Consequently, we anticipate that Traditionally, there are three wealth 2014 will be the year when the value corridors which London buyers Try before you buy gap between London and the prime move along. The predominant one is An increasing trend when moving to suburbs and inner commuter belt the south west route, which follows a new area is to rent a property first in finally begins to narrow. However, it the Thames from Chelsea down to order to get a feel for the area before will be later in the cycle before the Richmond before reaching Surrey and committing to a big purchase. northern regions and Scotland feel moving along the A3. Alternatively, Nearly half of our respondents who are this benefit. n buyers move north via Hampstead to Hertfordshire or south east from GRAph 3.2 Dulwich into Kent. The top five counties buyers living in London want to move to, The search for value and the average value of a 4 bedroom, 2,000 sq ft house Our survey found the most popular county buyers are considering moving to is Kent, closely followed by Surrey. Kent £763,000 Both counties are known for their excellent train links to London, good schools and beautiful countryside, Surrey £937,000 but a family house in Kent is still on

East Sussex £638,000 “There are three £732,000 wealth corridors Oxfordshire which London £732,000 buyers move along” Hampshire Sophie Chick, 0% 5% 10% 15% 20% 25% Savills Research Source: Savills Research, Savills prime buyer survey

savills.co.uk/research 11 Spotlight | Prime Regional Residential Markets

Private estates PREMIER performance FROM The Great Estates

Private estates have proved ur analysis indicates across these estates Tarrant Houses that the traditional have been consumed by modern themselves to be strong period property mansions. At the extreme, properties performers in the post credit remains the most between 10,000 and 15,000 sq ft on coveted property the best plots are achieving values crunch era and continue to evolve Otype outside of London. However, between £900 to £1,300 per sq ft at in the period post credit crunch the figures some 34% above levels seen strongest performers have been in the pre credit crunch area. those properties located on private These two estates can best be estates and dotted around the described as the Home Counties fringes of London. equivalent of central London’s Eaton Square or Kensington Palace Leading the pack Gardens, with a dash of One Hyde Of these, St George’s Hill and Park thrown into the mix. Their Wentworth, pioneered by W.G. Tarrant exclusivity and security draws demand in the early part of the 20th century, from an increasing pool of ultra Words: Lucian Cook remain the most exclusive and highly wealthy domestic and international Twitter: @LucianCook valued. Together they comprise over buyers. There is a premium for scale, 1,500 homes that have an aggregate with the largest properties achieving value in excess of £7 billion – more a premium approaching 100% over than the city of Sheffield. The layout and above those more typically in the designed by Tarrant remains, but 6,000 to 8,000 sq ft. There has been significant redevelopment activity, with one in four sales on St George’s Hill knocked down and rebuilt to meet the increasing levels of specification required by the new breed of buyers. A two horse race? But these headline grabbers are part of a much wider network of private estates. Whilst not quite matching the elevated status of the top two, these typically command a 22% price premium above equivalent properties in a non estate location.

Table 4.1 The hierarchy order of the top 25 private estates in the UK

Kings of Northern Rank Pretenders to the Crown Rising up the Rankings the Castles Strongholds

Blackhills & Meadway, Esher St George’s Hill, Moor Park, Ashley Park, Camp Road, Weybridge Clare Hill & Claremont Park, Esher Northwood Walton on Thames Gerrards Cross Estate Wentworth, The Crown Estate, Oxshott Pinner Hill, Burwood Park, Eaton Park, Sunningdale Northwood Walton on Thames Cobham Esher Park Av. & Sandown Rd, Esher

Source: Savills Research

12 Spring 2014

Across a further 23 private estates, TABLE 4.2 that exclude those estates such Private estates vs new build mega mansions as Coombe Hill that have become enveloped by London, there are over 10,000 - 15,000 sq ft Typical 6,000 - 8,000 sq ft 4,000 additional houses worth over Rank new build mega mansion private estate dwelling £10.5 billion. Value per sq ft Since 2007 Value per sq ft Since 2007 Most were conceived in the first half of the 20th century by pioneering Kings of the Castles £900 to £1,300 34% £575 to £625 15% private developers. Though there is a concentration in the Cobham-Esher- Pretenders to the Crown £650 to £850 29% £550 to £600 16% Weybridge triangle, Tarrant replicated Northern Strongholds £550 to £700 15% £550 to £600 16% his model at The Hockering near Woking, whilst among others the Rising up the Rankings £450 to £550 12% £400 to £500 7% Griggs brothers developed Pinner Hill in the 1920s and Frederick Rogers Ones to Watch £300 to £400 -12% £350 to £400 -5% pioneered the estates of Keston and Farnborough Park in suburban Kent. Source: Savills Research The Crown Estate and Moor Park are perhaps the nearest competitors to St George’s Hill and Wentworth Rural Estates in terms of scale and location. They have seen similar net price growth of The other kind of private estate the core housing stock in the period post credit crunch – outperforming, but yet to see the same demand for The typical rural estate – a combination of collection of assets has only relatively the mega mansions as their slightly a traditional Country House, a handful of recently returned price growth, the more desirable cousins. In this cottages and a sizeable ring fenced block performance of the surrounding land, which rarefied market, only the much smaller of farmland and amenity land – is an entirely has risen in value by 50% since the middle estates of Blackhills & Clare Hill are different proposition to the suburban mega of 2008, means that the average rural estate able to compete, though even here mansion on a private road. is now worth 5% more than it was at the values are somewhat lower on a £ per Whilst the residential element of this previous peak of the market. sq ft basis. The two next largest estates are Burwood Park and Kingswood Yet it cannot be said that the trends exchangers or home automation Warren. Values and price growth do seen on these estates are entirely systems controlled from an iPhone. not compare to the more expensive irrelevant to the wider prime markets. However, there are few country estates, with super sized stock houses that give the same struggling to command a premium on Looking forward redevelopment opportunities in a a £ per sq ft basis above units more Though listed building status will mature setting afforded by the private in keeping with the scale of the quite rightly protect the architectural estates. This inherent scarcity means original development. Still both these integrity of the traditional country the private estates will continue to estates, together with other similarly house, the amenities demanded evolve. Trends set in London that valued stock on smaller estates, have of those properties are already have made their way to locations seen substantial redevelopment, as changing. Increasingly the application such as St George’s Hill and are the nature of housing stock on private of technology and up to the minute beginning to appear in estates such estates changes in a way and at a internal specifications will be as Moor Park will eventually influence speed that has not been seen across incorporated in such properties, locations beyond the M25, including the wider prime regional market. whether that be Scandinavian heat The Wildernesse in Sevenoaks. n

Rising up the Rankings Ones to Watch

Frithsden Copse, Ashridge Park, Berkhamsted The Loudwater Berkhamsted The Hockering Guildford Fairmile, Cobham Estate, Loudwater Copped Hall, Epping Kingswood Warren, Reigate The Webb Estate, Purley Oxshott Way, The Wildernesse, Cobham Farnborough & Keston Park Sevenoaks Knott Park & Danes Way, Weybridge Park, Weybridge Orpington Oxshott

Source: Savills Research

savills.co.uk/research 13 Spotlight | Prime Regional Markets

Regional price variations FARMHOUSE vs MANOR house

What is the cost of these two popular property types across the UK?

north yorkshire east lothian