Housing market
“Business in the capital
has been boosted by
property prices over the past half century grew
by 2.9 per cent per year.
foreign purchasers taking
However, current values are not going to
echo that long-term appreciation for some years
advantage of attractive
yet, despite the promise now being seen in
prime central London. Indeed, Savills advises
that we should prepare for a slow-burn recovery
exchange rates”
and not a bounce. As prices stabilise and then
gradually rise there will be more regional
Lucian Cook, Savills Research variations in performance than we have seen
during the downturn.
In particular, southern England will reap the
benefits from having suffered relatively fewer
near future, is the record of long-term growth repossessions and a shorter duration of high
of UK residential values. unemployment than in the Midlands and further
Savills data shows values growing by 40 per north, so will show evidence of recovery sooner.
cent on average every decade between 1968 and This pattern will be further accentuated by
2008. Even when taking into account the past levels of mortgage availability, which will remain
and present housing market downturns, UK the most crucial – and difficult – component of
Holiday home performance
Values of second homes have been hit but best-in-class properties are holding strong
There was a 2.6 per cent rise in the number of accommodation, have witnessed smaller falls.”
holiday homes in the UK in 2008 and their values The best-in-class holiday homes have suffered
fell, starting from 11 per cent in Suffolk to 14 per smaller falls than others in this category.
cent in Norfolk, 14.2 per cent in Scotland and That patchy performance may well be a model
between 14.7 per cent to 16.6 per cent in the for how the recovery from this downturn will look
south west of England. This performance is more when we reflect on it in years to come.
or less in line with the owner-occupier market. There will be hiccups – especially with rising
“It’s in regions such as Devon and Cornwall unemployment affecting confidence in the
that the prices have been most obviously affected,” mainstream market – but the first signs of
Dedham Vale, Suffolk: this
explains Lucian Cook. “The locations that fall within improvement have now been noticed. Let us
region saw an 11 per cent
striking distance of London, in turn providing hope the summer helps turn these shoots into
decrease in the value of convenient weekend as opposed to holiday a sustainable harvest.
holiday homes in 2008
8 savills ultimate property collection
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