Find out where topped the list as the cathedral city with the highest property prices outside of London?
Cathedral cities are growing increasingly popular, and not just for their attractive architecture. Offering some of the best schools, excellent transport links and high-end amenities, many buyers are attracted to their broad and enduring appeal. What’s more, property prices in these destinations often hold their value – even during downturns.
New country research by Knight Frank ranks the top performing cathedral cities and towns across the UK, analysing average property price in each location.
Commenting on the research, Oliver Knight, Senior Analyst at Knight Frank, said: “Our data shows that there has been an increase in demand from buyers looking for homes in prime urban markets over the last five years and, as a result, price growth for properties in a number of cathedral cities has outperformed the wider market.
“Given its proximity to London and status as a key commuter hub, St Albans tops the list as the cathedral city with the highest property prices outside of London. The average price paid for a detached home close to the cathedral in 2015 was nearly £720,000. A number of other popular commuter locations, including Guildford, Winchester and Windsor, are present in the top 10.”
The Top 5:
1. St. Albans – average property price for a detached house, £719,720
“The combination of value for money for London buyers, along with the excellent schooling on offer, means that St. Albans consistently appeals to young professionals looking to start a family, whilst remaining in easy reach of London,” commented Oliver Beales, Partner in Knight Frank’s Berkhamsted office.
“The city’s award-winning restaurants, independent shops, theatres, galleries and museums and of course, the Verulamium Park and cathedral, are also a big draw, as is the surrounding countryside. St Albans’ conservation area offers a wealth of character properties, which are always popular with those moving from the capital.”
2. Guildford – average property price for a detached house £679,023
“We have seen very steady growth in Guildford’s town centre and its immediate environs over the last few years. Interestingly, we actually see the most growth in price in the first 6 months of the year, due to the competition from buyers vying to get into the area’s top schools for the start of the September term,” said James Ackerley, Associate, Knight Frank Guildford.
“Guildford’s four key schools, The Royal Grammar School, Guildford High School, Lanesborough and Tormead, form the ‘Golden Triangle’ and drive location demand with our typical demographic of young families.”
3. Winchester – average property price for a detached house, £655,943
Knight Frank’s latest Prime Winchester City Index revealed that the city outperformed the wider country market’s annual growth in 2015 by 4%. Hyde saw the most dramatic growth, with traditionally popular areas such as St Cross and St Giles Hill remaining strong.
‘Winchester as a city market consistently performs well, and this steady growth has resulted in changes to the city centre recently, with a number of new shops opening and celebrity chefs such as Rick Stein moving in – he has just opened his first restaurant outside of Cornwall on the High Street,” said Tom Woods, Head of City Sales, Knight Frank Winchester.
“A number of London buyers move to Winchester initially to rent before moving further into the countryside, but then end up staying in the city. In 2016, we anticipate that the strong performance will continue, driven by a shortage of supply, which was especially noticeable in 2015 and without doubt contributed to the price growth we have seen.”
4. Oxford – average property price for a detached house, £646,319
After a number of years of dramatic growth, price growth at the top end of the city market has eased slightly, as shown in Knight Frank’s Prime Oxford City Index. However, there is still very strong demand for homes in the city, especially among buyers moving locally. The City Index also showed that some 74% of buyers in 2015 were moving within the city or from the wider South East region.
‘Restricted supply is leading to very strong demand and sealed competitive bidding is not uncommon, especially in areas of high interest such as Jericho and Summertown,” said William Kirkland, Head of City Sales, Knight Frank Oxford
We’re not expecting the demand to waiver, as transport to London has been made significantly easier thanks to the opening of Oxford Parkway. This has led to a surge in demand for North Oxford homes.”
5. Windsor – average property price for a detached house, £549,900
‘Windsor remains a very appealing location for a range of buyers, from families to older couples keen to have a thriving town on their doorstep’, confirms Laurie Kavanagh from Knight Frank’s Ascot office.
‘The proximity to London via the M4 or regular train service makes Windsor an excellent choice for commuters and they also have a plethora of excellent schools to choose from if they have children. The River Thames provides year-round walking routes and the Castle and royal connection definitely adds a certain cachet to living in Windsor.’
| Cathedral Cities Average Property Price: 5km radius (year to end of October 2015) |
| Source: Land Registry
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