Investec research reveals that the average price reduction on £1m+ homes in the Home Counties was 10% in H2 2023 vs 8.6% for a sample of equivalent properties in London.

Data was gathered from tens of thousands of properties between 1 June and 1 December 2023.

• Berkshire saw the smallest average reduction in price (8.5%) whilst also being the slowest market, with £1 million+ homes taking 111 days on average to sell. Prime properties sold fastest in East Sussex (just 74 days).
• West Sussex saw the largest average price reductions by both absolute value (£187,805) and percentage (12.6%).
• Surrey had most new listings of homes over £1m, almost double that of Hertfordshire, which had the second most listings.
• Crucially, the availability of prime property, time taken to sell and average price and reduction varies significantly between the counties Investec explored – meaning that buyers who want to capitalise on opportunities should get to know their target market.

13 February 2024: Prime residential property in the Home Counties has seen significant price reductions of 10% on average since June 2023, as the impact of interest rate increases begins to be felt, according to new research from Investec, the leading private bank.

The figures – based on data from tens of thousands of UK addresses – also cover several postcodes in prime central London and show that discounts on high-end property have been less significant across these areas of the capital (8.6%).

Anecdotally, Investec is seeing high levels of interest in prime property in the Home Counties – particularly in locations within commuting distance of London. The recent price discounts could therefore create opportunities for potential buyers.  

West Sussex saw the largest average price reduction both by value (£187,805) and as a percentage (12.6%) over the period, followed by Essex (11.2%) and Kent (10.6%). London generally proved more resilient, with an average reduction of 8.6% and reductions as small as 4.8% in postcodes such as NW3. However, there was variation in the capital too, where sellers in W2 and W8 postcodes reduced prices by an average of 12% and 11.5% respectively.

Across the Home Counties, prices in Berkshire were the most robust, with an average reduction of 8.5%. However, it was also the slowest market, with £1 million+ properties taking 111 days on average to sell, followed by West Sussex (100 days) and Kent (99 days). Prime properties sold the fastest in East Sussex where the process took 74 days on average.

Unsurprisingly, London properties over £1 million had the highest average sales price at £1.85 million, followed by Buckinghamshire (£1.65 million) and Oxfordshire (£1.62 million). The lowest average was East Sussex with £1.34 million.

Oxfordshire had the smallest amount of new supply, with just 719 new listings of properties over £1 million in the period. At the other end of the spectrum, Surrey has the best new supply – with 2,928 new listings (more than double the Hertfordshire, the next best supplied market with 1,670 listings). This reflects the large amount of prime property in Surrey.

Carlos Mendes, Private Banker at Investec, said:

“The Home Counties are often referred to as a collective, but our research shows that there is a significant variation in the availability and price of prime property in these areas. The gradual return to office-based working has brought the commute time firmly back into focus, so we’ve seen greater client demand for the established commuter towns on the outskirts of London. Proximity to top-performing schools also remains a key priority, as does access to good local restaurants and amenities. In the current interest rate environment, it is perhaps unsurprising to see the larger price reductions occurring further afield, in locations such as West Sussex, where second homes are more prevalent. 

“Every property purchase is unique, and every person’s financial situation is unique. It’s therefore important that high-net-worth individuals work with lenders who understand their ideal home and location so they can access a mortgage that meets their needs, in a timeframe that allows them to seize opportunities.“

The findings from Investec’s private banking team covered residential properties for sale from 1 June to 1 December 2023 across the Home Counties of Berkshire, Buckinghamshire, East Sussex, Essex, Hertfordshire, Kent, Surrey and West Sussex and Oxfordshire, and eight prime central London postcodes (NW3, SW6, W8, SW3, W2, W11, SW11, NW8). 

Investec’s Property Index 2024 can be found here: Investec Property Index 2024.

Investec offers a range of private bank accounts for clients earning at least £300,000 a year and with a minimum net worth of £3 million. Teams are structured by profession – enabling them to understand the complex earning profiles that HNWIs often have. Clients are looked after by a dedicated private banker who can provide tailored banking, borrowing, savings solutions or foreign exchange. 

A prominent development site in a sought-after area of Birmingham is available for sale with commercial agents Bond Wolfe, with an asking price of £1.35 million.

The site at Cornerways, 1 Hagley Road West, has planning permission for eight two-bedroomed apartments in addition to an existing block of four maisonettes.

James Mattin, managing director of Bond Wolfe, explained that the site currently comprises a two-storey building of four two-bedroomed maisonettes.

A stand-alone garage block has already been demolished under the approved planning permission in readiness for development.

Mr Mattin said: “Set back from the main Hagley Road West, there is land to the side of the existing block which allows for development of a three story block of eight new build two-bedroom apartments with associated car parking.”

The consented plans would form  5,896 sq ft of new-build development.

The site is at the junction of Hagley Road West and Lordswood Road on the southwestern periphery of Birmingham.

Mr Mattin said: “This is an excellent development opportunity in a prime and prominent position, approximately four miles west of Birmingham city centre and one mile north of the centre of Harborne.”

The site occupies the corner plot of a significant junction along Hagley Road West and the surrounding area predominantly comprises of detached dwellings situated on generous plots of land.

An area of open parkland separates the site from a denser arrangement of terraced housing to the north.

Hagley Road is a principal arterial route leading from Birmingham city centre and to the M5 motorway, which is three miles to the west of the site.

Those interested in this prime development project can find more details at https://cdn.eigpropertyauctions.co.uk/ams/images/489/auction/0/c9953a1a-27cb-4f92-af56-cc21d04427cb or contact James Mattin on 0121 524 1172 or at jmattin@bondwolfe.com.

Lochview Guest House is now available for acquisition at an unmissable reduced price of Offers Over£550,000.

A testament to Highland living, this remarkable property offers a unique blend of elegance and functionality, boasting breathtaking panoramic views of Loch Broom and the Beinn Dearg mountain range.  

Key features include:

• 7 Ensuite Guest Bedrooms
• Self-Contained Owner’s Accommodation with two Double Bedrooms, Lounge, Kitchen, downstairs toilet, Utility and Garage 
• Gift Shop or Office
• Captivating Views of Loch Broom from Guest Lounge/Conservatory
• ¼ Acre Private Garden with Right of Way Access to the Loch
• Ample Parking for 9 Cars
• Step Free Access

TURNKEY OPERATION: A fully furnished and equipped establishment, Lochview Guest House stands ready to operate as a very successful going concern in a popular holiday destination. Alternatively, it could become a spacious family home, offering real flexibility to the discerning investor.

EXCELLENT LOCATION: Situated on the popular North Coast 500 route and in proximity to local attractions, Ullapool’s vibrant community and the ferry to the Outer Hebrides, Lochview Guest House serves as an ideal base for exploring the wonders of the Scottish Highlands. 

GREAT REVIEWS: The property has garnered acclaim from previous guests, with positive reviews showcased on our website, Google and TripAdvisor. The promising trajectory of 2024 reservations points towards a lucrative future for potential owners.

The decision to reduce the price to Offers Over £550,000 is motivated by the current owner’s commitment to pursue a new business venture in Inverness, creating a rare chance for astute investors or individuals seeking a premium business and/or residence.

Seize this unparalleled opportunity to own such a prestigious property at a compelling price. The 2024 market demand for such a gem is expected to be high and we anticipate a swift response from those who recognise the value of this prime investment.

Your Highland haven awaits!

Interested parties are invited to contact Simon Fraser for comprehensive details and to arrange a private viewing.

Prime, the company that focuses on healthcare has been working on the procurement of a number of new contractors as part of a new healthcare framework. Prime will be working as Framework Manager as a number of contractors have been selected in order to carry out the work proposed in the Framework.

The contractors that have been awarded the work are Interserve, Kier, VINCI Construction UK, Willmott Dixon and Speller Metcalfe. These contractors will be carrying out work for the Private Investment Construction Framework. This framework is being supported by the Yeovil District Hospital Foundation Trust. It is thought that the Framework has been established in order to carry out a number of different privately funded projects. These projects will be carried out for private healthcare services as well as the NHS.

The work forecast will be separated in to two separate Lots. The first Lot of work will include those projects that are valued at more than £10 million and projects that are planned across England and Wales. The second Lot will cover those projects that have a value of lower than £10 million and these projects will be focused in Southerly and central areas of the work.

The Private Investment Construct will be carried out by the previously listed contractors. The contractors that already have a national presence; Interserve, Kier, VINCI and Willmott Dixon will be working on the national projects that are categorized in to Lot 1. The other contractor Speller Metcalfe is based in the midlands and has been selected in order to carry pout the work that will take place in Lot 2. It is thought that the Midlands-based company will also open doors to other contractors that have experience in carrying out work in the healthcare sector.

The work planned as part of the Private Investment Construction Framework has been predicted to last for four years. The Frame work will enable the construction of more new build projects and refurbishments projects to take place around the country.