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Town characteristics and house prices

ended 19. April 2022

At 09:30, the ONS published a report about how the characteristics of towns can impact house prices. We sought the views of property and mortgage experts.

4 responses from the Newspage community

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Kate Allen
Owner at Finest Stays
"It’s safe to say that Salcombe is an outlier. Located 240 miles from London, with locals in jobs that pay below the national average and the proximity of the town to the coast apparently having little effect on prices, it should in theory be as cheap as chips. For anyone that has been to Salcombe, it is no surprise that a town set along arguably the most beautiful estuary in Britain has the second highest average price tag for a seaside home. An unusually temperate climate, golden sandy beaches and a disproportionate percentage of red trousers are key contributors to the expensive house prices in the area."
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Editor
Rob Peters
Principal at Simple Fast Mortgage
"What's clear from this report is that buy-to-let investors will continue to seek value outside of London as property prices continue to outperform the average. Many Northern powerhouses such as Liverpool and Manchester are popular with investors looking for properties that are undervalued, or can be converted into HMOs. First-time buyers in London will certainly find it more difficult to get on the property ladder as prices spiral out of reach for most."
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Robert Payne
Director at Langley House Mortgages
"It's interesting to see the big impact London continues to have on property prices but I suspect this will be spread over a greater distance now, due to flexible working introduced by the pandemic. I was surprised to see that the types of jobs carried out in regions was the biggest influence as opposed to the size of the town, the age profile and distance to the nearest city, as these would be important factors for me."
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Graham Cox
Director at Bridging Hub
"No great shock that proximity to London is a huge factor in determining house prices, as is the quality and type of jobs available. It's also unsurprising that towns with high levels of income deprivation have lower property prices. I think we could well see prices start falling over the coming year as the cost of living crisis unfolds. It's time for the government's much touted levelling up agenda to start delivering results."