Discover the surprising location that has seen an increase in high-value homes in the UK
The number of property sale transactions over £ 1 million has risen dramatically, increasing by a substantial 93% in the last decade in some parts of the UK.
The housing market is at a record high. Property prices have skyrocketed, viewers are fighting over appointments, and homes are seeing multiple offers.
Fewer properties are coming onto the market, meaning buyers have less choice.
But, perhaps a surprising fact is that the number of property sale transactions over £ 1 million has risen dramatically, increasing by a substantial 93% in the last decade.
Of course, we are in a rising market, and this figure looks at an entire decade of statistics, so it would make sense that there are increases over such a long time. But, perhaps more surprising is the location of these property transactions.
In 2012 52% of UK local authorities had seen property sales above the £ 1 million price bracket. This has now risen to 79%.
Whilst London remains the hotspot for high-value home sales, the highest increase has been seen in the North East. A whopping 525% increase in property transactions above the £ 1 million threshold this year so far, compared with the same period a decade ago.
Wales has seen an increase of 420%, and the West Midlands has increased by 338%.
What could be the cause of these higher values?
Perhaps, the freedom we have seen since the lifting of lockdown restrictions. Working remotely has become the norm for many businesses, meaning that most senior positions allow for working from home for at least 3 out of 5 days of the working week.
And with the North East being connected to London on the East coast mainline train, it is feasible to commute to London within 3 hours. Of course, that is a little too much for every day, but fine for once or twice a week.
And when you see what you can buy for £ 1 million in the North East, you can see why people might consider moving North. Although slightly colder, your budget will undoubtedly stretch further.
For example, you could purchase a beautiful 6-bedroom period townhouse in Jesmond, just outside Newcastle, overlooking the park, for £ 1 million. Or, you could buy an average 3-bed semi in London.
The dream for many is to eventually move out of the rat race into a leafy suburb or quaint English town. But this dream is usually reserved for retirement. Working from home policies have allowed us to make this dream a reality long before we reach retirement. Now, you can keep your highly-paid executive job role and still live in the countryside. Your children will be able to grow up in a village rather than the city, and you can have the life that you've always dreamed of right now.
You can see why people are moving out of London and into the suburbs and countryside all over the UK.
But, how do you narrow down this search if you could live anywhere in the UK? If £ 1 million could buy you an enormous family home in a wide range of locations, the search needs to be more in-depth than simply based on your budget.
Property websites search using location first, not budget. So, you need to know the towns you want to search in before you can see what is available. This means that, unless you use a search option that can be budget-led, you are definitely going to miss some fantastic properties that could be your dream family home. You just couldn't search that location to find it.
Of course, you could look at towns close to family members, but other than that, there are a few ways to narrow it down. What about places you've visited on holiday? Or where you studied at University? Or perhaps where you grew up? If you go onto a generic property search website and search for a £ 1 million budget anywhere in the UK, the system will glitch and tell you to narrow down your search.
Finding your dream home will include many requirements for you and your family. By Design agents allow you to search the market, anywhere and everywhere, with your search parameters and property requirements. Far more in-depth than simply a location and a price. The connected database, shared by all agents, can quickly and seamlessly narrow down your search based on more than just your budget. This way, you can ensure that you're not missing out on the potential home of your dreams just because you didn't consider searching in that town.
And if you're selling a property, the only way to ensure that your home is being promoted to the entire market of potential buyers in the whole country is by choosing By Design to sell it for you.
Relocation is not a big deal anymore. The property market has opened up and become significantly more flexible. In fact, many people are choosing to relocate when they move home. Retiring to the country long before they retire from their work.
Try searching for a property within your budget anywhere in the country and see what you can find. Click here to see what is available.
