The Telegraph has a roundup of some UK property hotspots –
- Kensington & Chelsea: A high-end area in London.
- Clitheroe and the Ribble Valley: A more down-to-earth area in Lancashire.
- Westminster: An affluent London neighborhood.
- Hackney: A trendy London neighborhood.
- Islington: Another top-performing area in London.
- Epsom and Ewell: Affluent commuter neighborhoods in Surrey.
- Chichester, West Sussex: A highly-ranked location.
- Windsor and Maidenhead, Berkshire: Also popular with commuters.
- West Lancashire: Known for its good-looking villages.
- Salford, Greater Manchester: Another area with strong transaction growth.
- Northumberland: The only coastal location sustaining high transaction levels.
Summary
- Some Areas Are Doing Well Despite Tough Times: Most of the UK is facing a gloomy housing market, but certain locations are doing surprisingly well, returning to or even exceeding the levels of buying and selling seen before the pandemic.
- Key Locations: Northumberland and two places over 200 miles apart, the Royal Borough of Kensington and Chelsea (fancy) and Clitheroe (more down-to-earth), are doing exceptionally well.
- How Well Are They Doing?: In Kensington & Chelsea, transaction levels (people buying and selling homes) are 40% over 2019 rates, while in Clitheroe and the Ribble Valley, they’re up by 17%.
- Why Is This Important?: High transaction levels mean people are confident and have enough money to buy homes despite potential problems like rising interest rates, cost of living crisis, and fears of house prices falling in the future.
- More Good News in Certain Places: Along with these locations, some other expensive London neighborhoods and commuter towns are also doing well. They have a strong appeal to young professionals, families, and even overseas buyers.
- It’s Not All About London: Besides the Southeast, other places like West Lancashire and Greater Manchester have also shown strong growth.
- Some Coastal Areas are Struggling: Only Northumberland among the coastal locations has managed to maintain high transaction levels.
- Local Examples: The article provides examples of people benefiting from this trend, including brothers who moved into their first home in Hackney and a woman who downsized to Clitheroe.
- Trends and Reasons Behind the Success: Several factors contribute to these successes:
- London’s Appeal: Vibrant culture, strong cash buyers, and financial markets’ success.
- Northumberland’s Charm: Scenic views and remote work allowing people to return to their roots.
- Downsizers: People selling their bigger family homes and buying smaller ones.
- Some Caveats: Despite these successes, some experts point out that we must remember the low point from which this growth started, referencing political and Brexit uncertainties in 2019.
- Current Market Features: Overseas buyers coming back, renewed interest in flats, and certain places like prime central London returning to “normal.”
- More Bang for Your Buck in Some Areas: Northumberland, for example, offers more value for the same money compared to more expensive southern areas, though prime spots there are not necessarily cheap.
- The Power of Downsizers: Older people selling their family homes to buy smaller ones are a significant factor in keeping the market healthy.
- The Charm of Specific Locations: Places like Clitheroe are attractive due to their aesthetic appeal, good schools, friendly communities, and excellent local amenities.
Conclusion:
In simple terms, while the overall picture of the UK housing market might seem bleak, some specific areas are booming. This success is seen in both high-end locations like Kensington and Chelsea, and more grounded places like Clitheroe. The reasons behind this are varied, including the attractiveness of certain areas, the strength of the so-called “bank of mum and dad,” the trend of downsizing, and the benefits of remote working. Despite some warnings and contextual notes, the report paints an optimistic picture for specific parts of the UK’s housing market.