Traditionally when you think of million pound homes you picture smart mansion blocks in central London or the well-heeled leafy suburbs popular with bankers such as Oxshott in Surrey and Sevenoaks in Kent. However, new figures show that the East Midlands is fast emerging as a key growth area for residential property in the exclusive million pound and above category.
The research conducted by Lloyds Bank Private Banking found that sales of property worth a million pounds or more in our region rose by a massive 67 per cent in the first half of 2018 alone. This unprecedented increase comes as the number of comparable properties in London and the South fell. Indeed, the capital’s market share of million pound plus property declined from 60 per cent in 2017 to 57 per cent in 2018.
As the figures show, although sales of the most expensive properties are decreasing in London, the capital still has the overwhelming majority of seven figure properties, with many of these properties hitting the eight figure mark. However, analysts believe the slowdown in London is due to investors being put off due to the prolonged uncertainty surrounding the Brexit negotiations. In the East Midlands, expensive properties are far less likely to be bought as investment opportunities by rich foreign investors so this could in part explain the opposing trends being seen in the East Midlands and the capital. The overwhelming majority of million pound East Midlands properties are bought as family homes.
Traditionally the East Midlands has not been considered as an option for well-to-do families looking to leave London. However, despite a slow-down in property prices across the South, prices remain extremely high there. Over the past few years more and more commuters have realised that towns like Market Harborough and Loughborough here in Leicestershire offer a high standard of living as well as good rail links to London and motorway access to the M1. Also, the upward trend in house prices in our area which is in stark contrast to the rest of the country, is a reason why some properties will have recently entered this high-end price bracket. Certainly at Andrew Granger & Co, we have noticed an increase in the number of properties we are valuing at the million pound plus mark.
Those of us who live and work in Leicestershire already know that its attractiveness as a place to settle down goes far beyond the practicalities. Leicestershire countryside may not be nationally revered in the way that the Cotswolds are, but those looking for an idyllic rural family home will find everything they need and more at a fraction of the price found in areas where tourists and Londoners flock to at the weekends. For example this beautiful 7-bedroom family home in the sought-after village of Great Oxenden just outside Market Harborough is comparable in price to many London flats yet offers luxury living in spacious surroundings with stunning country views.
People who love city life are also spoiled for choice in the East Midlands. Leicester is a vibrant, buzzing city which has recently been in the spotlight as a leading hub for tech start-ups. Meanwhile, people who want the charm of a traditional market town combined with the convenience of links to the capital and other cities are choosing Leicestershire towns like Market Harborough in ever increasing numbers.
At Andrew Granger & Co we have a long history of marketing high value properties both in Leicestershire’s towns and in the abundance of rural areas in our county. If you are thinking of selling your home, please call us to arrange a no obligation free market appraisal. Equally, if you are looking for the perfect home to move in to this year, we would be delighted to help you achieve this objective. Please contact us on the following numbers:
Leicester 0116 242 9922
Loughborough 01509 235 534
Market Harborough 01858 431 315