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In Britain, Home Prices Fare Better Outside Londo

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Bath, Bristol and Cheltenham are seeing low supply, high demand

BY KATHRYN HOPKINSORIGINALLY PUBLISHED ON AUGUST 12, 2016|MANSION GLOBAL|
The Royal Crescent in Bath.
MATT CARDY / GETTY IMAGES
While central London’s high-end housing market was hit hard by uncertainty in the run up to the Brexit vote, other U.K. cities have fared much better.
According to Knight Frank, Bath, Bristol and Cheltenham are continuing to see price increases as demand outstrips supply. Reportedly the cities have weathered the impact of a 3% additional stamp duty as well as the pre- and post-referendum results.
New figures released Friday from the global real estate consultancy showed that annual house price growth for prime properties in the second quarter in Cheltenham, famous for its eponymous horse race, was 8.6%, while in Bristol it was 7.4% and 4.8% in Bath.
This compares to an annual growth rate of 1.3% over the same time for the wider prime market in the U.K., where political and economic uncertainty ahead of the E.U. Referendum and the introduction of higher rates of stamp duty for second home buyers and investors kept a lid on growth in the first half of 2016.
According to Oliver Knight, an associate at Knight Frank Research, demand is coming from some Londoners who are looking for more space for less money in cities like Bath, Cheltenham and Bristol.

Source: Mansion Global

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