Want to move to the country but work in town? The cities with good value property in the rural surrounds - and those without...
01-13-2015
- Central Oxford property is massively expensive but outlying villages can be better value
- Cambridge property better value due to new developments raising supply of homes
- Urban Birmingham tends to be cheaper than rural surrounds
- Desirable Manchester property bumped up by arrival of BBC in Salford
By Graham Norwood For The Daily Mail
The lure of the country might be as strong as ever, but not everyone wants to join the welly brigade full-time.
Research by NFU Mutual insurance shows seven out of ten of today’s rural residents moved from urban areas, with many of them still working in the hustle and bustle while choosing to live outside it.
So which cities — and their surrounds — offer the best value for your money?
Pricey city: Homes in thriving Oxford cost a premium so it pays to live in villages outside
Oxford
Fantastic schools, good road and rail links, lots of overseas students and a strong local economy mean house prices here are sky high.
The average home costs £340,700 after a 10.2 per cent rise in 2014, says property consultancy Hometrack, although in prime areas — North Oxford, Summertown or areas by the River Thames — typical prices can be twice that amount and exceptional homes are valued at more than £1 million.
Where to buy: If you work in Oxford, try buying in Banbury. It’s 20 minutes by train and a home costs just £277,000 says Zoopla, plus you are on the edge of the Cotswolds. ‘There’s a 55-minute train journey to London which means Banbury and nearby villages have become very popular,’ says Jonathan Bramwell, of property-finders The Buying Solution.
Nearby: Banbury is a 20-minute train journey from Oxford
Birmingham
Even homes near the city centre are good value in Britain’s second city — at least until the HS2 rail line arrives in 2026, if it ever gets the green light.
An average home here costs £163,536, according to Zoopla, with some apartments under £75,000.
‘Relatively low entry costs into the housing market in the city and resulting higher yields make Birmingham an attractive alternative for first-time buyers, home-movers and investors alike,’ says the head of research at Knight Frank, Grainne Gilmore.
Where to buy: Homes in pretty commuter villages tend to be more pricey than those in Birmingham, but are still good value. Wombourne, for example, is 30 minutes’ drive away yet has a village green, independent shops as well as an old-fashioned feel. A typical home costs just £222,029.
OXFORDSHIRE: A five-bedroom modernised house in Kings Sutton on the edge of Banbury, and only 20 minutes by train from Oxford. Strutt & Parker: 01295 273592, struttandparker.com. £475,000
Cardiff
A decade of building has created residential quarters at Cardiff Bay and in the city centre. These have pushed up prices, and have transformed the Welsh capital into one of Britain’s most interesting cities.
Where to buy: Caerphilly is perfect for commuting. It is pretty, packed with history owing to its castle and famous cheese. The town also has three stations on the Rhymney Line into Cardiff Central where journey times are 25 minutes or less. The average house price is £135,427 compared to £220,428 in Cardiff itself.
CAMBRIDGESHIRE: This 18th-century village house is 11 miles south of Cambridge and has four bedrooms and a detached barn serving as a workshop. Fine & Country: 01223 363700, fineandcountry.com. £375,000
Cambridge
This is another case where it can be cheaper to buy inside the city than outside, because several major new developments are keeping city house prices under control.
‘There’s lots of demand here but also a good pipeline of developments,’ says Savills’ Toby Greenhow. The figures back him up — 1,270 new homes were built in 2013-14 and 3,800 apartments and houses are today under construction inside or near the city boundaries.
Varsity: In contrast to Oxford, prices near Cambridge centre have been dampened slightly by new developments whereas outlying villages tend to be expensive.
Surrounding villages, however, can be pricier because homes tend to be large and Londoners and overseas consultants are arriving in significant numbers to work at the university and the city’s growing science park, particularly in its pharmaceutical companies.
Where to buy: Great and Little Shelford, Stapleford, Grantchester, Barrington or Linton — all villages within a 25-minute drive of the city centre. But typical house prices in Great Shelford, for example, would be £532,634 compared to £374,305 in Cambridge itself.
Manchester
The typical price in the city is £154,541 says Zoopla but values in desirable areas — the city centre, Hale and Wilmslow, for example — hit £400,000 on average. Even Salford Quays, once a modest area, is soaring in value thanks to the arrival of BBC and ITV employees working at the new Media City.
Where to buy: Just 20 miles south of Manchester on the edge of the Peak District National Park lies pretty, unspoilt Chapel-en-le-Frith, where the average home comes in at just under £210,000.
House price increase due to high demand for property
WEST SUSSEX: For less than a London home, this modernised four-bedroom bungalow in Rusper, near Horsham has two bathrooms, a garage, and gardens. Hamptons International:01403 211766, hamptons-int.com. £539,950
London
With an average London home costing more than £600,000 those choosing the sticks get a great deal.
First-timers are spending £192,000 on average if they buy in a commuter town or village compared to £248,000 for those buying in London. That means £10,000 less in stamp duty and deposit, and £250 less in monthly mortgage payments, according to Hamptons International.
‘First-timers also get an extra bedroom with three-bedroom homes being the most common, compared to two beds in the capital,’ says Hamptons’ head of research, Johnny Morris.
Analysis by Lloyds Bank shows that homeowners save most if they are willing to commute an hour each way by rail. An annual season ticket costs about £5,000 but a home will be £380,000 lower than buying in London’s zone one or two.
Where to buy: Try Horsham in West Sussex — a market town with villages dotted around, good schools and easy access to Gatwick and Brighton. It’s 55 minutes by train to London and a typical home costs £392,528 says Zoopla, compared to £603,724 in the capital.