Changes in the landscape
SINCE THE pandemic began, more than 50,000 households have swapped city living for a rural retreat, reports Hamptons. But others are making the most of the house price cycle, by cashing in on rising house prices in the countryside and making the move back to the bright lights of the capital.
Sixteen years ago, the average home in London cost just 50 per cent more than one in the country
— by 2017 that figure reached 128 per cent or an extra £344,960. This was driven by London house prices rising faster than in the country every year between 2005 and 2017. But since then, the gap has gradually closed — however the unprecedented demand for space and the rise in popularity of flexible working since the pandemic began has accelerated the trend.
Over the past year, the average price of a country property has risen in value by 10.5 per cent. Meanwhile, London prices have risen by 1.2 per cent. This divergence has further eroded the London premium. Today, reports Hamptons, the average property in the capital costs 97 per cent more than one in the country, the smallest gap since 2012. Yet this gap still equates to an additional £326,080.
Downsizers looking to trade in a country house for a city flat will reap the biggest rewards. Detached homes in the country have risen in value by 9.2 per cent over the last year, while London flats have fallen by 6.9 per cent. This means that a buyer who purchased an average detached house in the country last year for £436,250 could sell it for £476,300 this year.
Given the average price of a flat in London has fallen from £555,560 in 2020 to £517,410 in 2021 so far, a country leaver seeking a city abode would need to find an extra £41,000 — significantly less than the extra £119,000 they would have needed if they had made the move last year. Over the next few years, Hamptons expects the price gap between London and the countryside to continue closing. This is a trend which had already been under way for a couple of years, while the long-term impact of the pandemic on remote working is likely to mean that demand for larger, more affordable homes in the country remains robust. As a result, Hamptons expects house prices in the country to continue to outpace those in the capital.
If current trends persist, by the end of next year the average London home is likely to cost 80 per cent more than one in the country — the smallest gap since 2010.
As the gap closes, it is likely to mean more new and existing homeowners making the move into the capital from the country. Typically these are either downsizers looking for a smaller home closer to amenities, or they are firsttime buyers, driven by affordability but looking for a home closer to the heart of the action. This is a growing group and so far this year 39 per cent of buyers moving into the capital were buying their first home — an all-time record.
Home-hunters in search of a development that will offer them the perfect work-life balance in a leafy setting will find a wide choice at Hamptons.
‘Lifestyle’ amenities are a key selling point at Warley HQ , in Brentwood, Essex, for example, a scheme by Land Charter at the former headquarters of the Ford Motor Company, on the site of the old Warley regimental depot and barracks.
The 330 one-, two- and three-bedroom apartments are ready for occupation and the scheme includes onsite flexible workspaces, including hot desks and meeting rooms, plus highspeed internet. There is also a yoga room and gym.
A house manager is on hand to assist with everything from organising residents’ events to reserving a meeting room for business or the dining room for pleasure. The Trattoria café serves fresh coffee and food,with an app to order meals ahead.
Communal gardens have BBQ and picnic areas and are surrounded by woodland.
Underground parking, bike storage and electric chargers make flexible commuting possible and Brentwood station is 20 minutes’ walk away.
Prices start at £260,000 with Help to Buy available.
In Elstree, surrounded by open fields and mature woodland, Lawn Manor is a gated development of 16 apartments within easy reach of Elstree & Borehamwood station. Nearby leisure amenities include Aldenham Country Park with its 175 acres of meadows and woodland,
Stanmore Country Park, Edgwarebury Park and Elstree Aerodrome.
Each apartment has a private patio or terrace and comes with two dedicated parking spaces and garden views. The high-gloss kitchens contain quartz worktops and integrated Siemens appliances, while bathrooms have Villeroy and Boch sanitaryware and Hansgrohe taps and shower.
Lawn Manor is ready to move into; prices from £750,000 to £1 million.
In Enfield, Uplands Park Place by Shanly Homes offers nine luxury twoand three-bedroom apartments with private balcony or terrace.
They have open-plan kitchens with stone worktops and integrated Siemens appliances, underfloor heating, fitted wardrobes in the master and second bedrooms, video entry and allocated parking.
The scheme is a short distance from Enfield town centre and Enfield Chase station and prices start at £599,950.
In Winchmore Hill, The Gables, by Dessalines, has nine two- and threebedroom apartments overlooking Bush Hill Golf Club. Prices start at £630,000.
And in Hadley Wood, Fusion has created 22 Beech Hill Residences & Spa — nine apartments next to Hadley Wood Golf Course, with uninterrupted green belt views. The residents’ spa and fitness suite has a 15m indoor swimming pool, relaxation area, sauna and steam room, spa treatment rooms and wellequipped gym.
The apartments feature integrated Miele kitchen appliances and Quooker tap; fitted wardrobes in master and second bedrooms; underfloor heating in reception rooms, hallways, bedroom suites and bathrooms; integrated Sonos music system and ceiling speakers in several rooms; central ‘Hub’ cupboard for home automation, two secure underground parking spaces and on-site concierge.
Prices start at £1,250,000 for a twobedroom home.
In the past year detached country homes rose in value by 9.2%’