The 20 Best Places in Britain to Buy
Research by Estate Agency Knight Frank Pinpoints the Areas Expected to Beat the Market Slowdown
What's the worst that can happen to the property market? Well if interest rates were to go up and unemployment levels increase, then we could well be looking at a recession and house prices would undoubtedly go down. Whilst this scenario is purely hypothetical and alarmist in nature, a recession is technically possible and cannot be completely ruled out in the light of recent events. If this pessimistic turn of events was to reach fruition, then the level by which house prices would decrease would depend on the area. Health of local economies would come down to factors such as housing affordability, wages, levels of unemployment, population growth and skill levels.
In the table below are the twenty locations that Knight Frank believes will be a safe investment, no matter what the economy does. Most of them are fairly predictable, but more interestingly, there are some less expected (and cheaper) alternatives.
20 Best Places to Buy in Britain (Knight Frank)
So what is it about these locations that lead Knight Frank to believe that they are "bomb-proof"? Let's take a closer a look at some of them:
Rating |
Location |
Average House Price (£) |
1 |
Cambridge |
296,727 |
2 |
York |
222,215 |
3 |
Oxford |
353,250 |
4 |
Milton Keynes |
239,834 |
5 |
Guildford |
403,667 |
6 |
Reading |
289,897 |
7 |
Edinburgh |
229,129 |
8 |
Bristol |
230, 118 |
9 |
Bath |
313,558 |
10 |
Crawley |
246,075 |
11 |
Worthing |
223,542 |
12 |
Southampton |
223,007 |
13 |
Brighton |
261,810 |
14 |
Chester |
216,053 |
15 |
Bournemouth |
223,748 |
16 |
Portsmouth |
171,131 |
17 |
Swindon |
179,776 |
18 |
Telford |
175,622 |
19 |
Norwich |
200,752 |
20 |
Warrington |
174,757 |
Cambridge
Top of the shop Cambridge ticks all of the boxes for wages, employment growth and workforce qualification. It is an historic city with one of the top two universities in the country, Addenbrooke's hospital and various science and technology parks springing up outside the city. Restrictive planning laws ensure a limited supply of good quality property with properties in or near the city centre in great demand. Affordability is not so good, as house prices in the city have risen by a whopping 49% between 2002-2007. However, buyers moving up from London, to take advantage of the good transport links, will not blanch at the £600,000 plus asking price for a centrally placed Victorian terraced house.
Cambridge: Top dog for Knight Frank
York
Like Cambridge, York has an attractive and historic city centre with relatively low centrally-placed housing stocks. It is two hours from London on the train and other cities such as Leeds are relatively easily commutable. Quality education is another pull of the city as it boasts some of the best state and private schools in the country.
Bath
Another picturesque and historic city at number nine on the list, its popularity boosted by the fact that Bristol, Swindon and London are all within striking distance.
Oxford
Another seat of education, Oxford is popular with academics and families trying to get their children into a good school, as well as investment buyers tapping into the lucrative student let market. This doesn't come cheap though; a period family house in central north Oxford will cost between £1.25m and £4m.Milton Keynes
Living proof that a place doesn't have to be historic or picturesque to be popular, the somewhat sterile Milton Keynes is a hive of industry. Being a new town, it boasts well-planned infrastructure and fantastic transport links. Another bonus is the proximity of picture-perfect villages such as Woburn and Aspley Guise, set in beautiful countryside.
Guildford
A prime location for London commuters, Guildford can offer a better quality of life than that of the capital.
Worthing/Bournemouth
Both these locations owe their place on the list to their popularity as retirement destinations. So that was an insight into the research carried out by Knight Frank for the Times newspaper. You might well ask why there was not a single location supplied by Scotland or Wales? Well, you may be interested to know that Channel 4's Location, Location, Location's "top 20 places to live in 2007" research panned out somewhat differently:20 Best Places to Live in 2007 (Location, Location, Location)
Rating |
Location |
Comment |
1 |
Edinburgh |
Scotland's capital is a regular high scorer with the LLL team |
2 |
Winchester |
Number one in the same survey for 2006 |
3 |
Epsom & Ewell |
Surrey's highest placed borough |
4 |
Waverley |
Scenic surroundings & a high standard of living |
5 |
Mole Valley |
Low crime, good education and steady house prices |
6 |
Surrey Heath |
Picturesque green belt, described as "Tory territory". |
7 |
South Cambridgeshire |
A regular in the top ten for this survey and indeed, just about any top location survey. |
8 |
Chelmsford |
Lots of new development mixed with historic city centre character |
9 |
Horsham |
Finished second in the same survey of the previous year |
10 |
Elmbridge |
A high standard of living |
11 |
East Dunbartonshire |
Described as "Glasgow suburbia meets Scottish countryside". |
12 |
Guildford |
High average earnings and good commuter links |
13 |
St. Albans |
Poor affordability but a very sought after location |
14 |
Rushcliffe |
Rural tranquility and excellent transport links |
15 |
Bath & North East Somerset |
Culture vultures eat your heart out |
16 |
Mid Sussex |
Access to the city and the sea |
17 |
Suffolk Coastal |
Affordable, low crime and natural beauty |
18 |
South Northamptonshire |
An idyllic rural lifestyle within striking distance of Cambridge and Stratford |
19 |
Reigate and Banstead |
Commuter hotspot for the high earners |
20 |
Wokingham |
Low crime rate, high earnings and long life expectancy |
Edinburgh: No.1 choice for the Location, Location, Location team
According to Channel 4, this list was compiled using official statistics on crime, education, employment, environment, lifestyle and health. So why do these lists vary so much? One may suggest that the business locations of Knight Frank may play a factor in the first list. Having said that, just how reliable is the second list, compiled on official statistics. We all know how prone to massaging figures local authorities and central government can be.
One thing is for certain though. If you have a decent property in a good location, over the long term you cannot possibly lose, no matter what the economy decides to do in the meantime. In the words of Theodore Roosevelt (1858-1919): "Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth". Wise words indeed.
Do you think that these locations are really downturn-proof? Maybe you live somewhere that you think should have made the list. Contact Us and have your say
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