London property prices rocketed 90% over the last decade. Data also shows that you’ll be lucky to buy a place to live in Britain’s capital for less than half a million pounds by 2019.
So, it comes as no surprise that people working in London are emigrating from the capital, to find more bang for their buck elsewhere.
According to estate agent Knight Frank’s latest data, Londoners are hungry for properties in the City of Bath, which looks like this:
Knight Frank said that London buyers accounted for 22% of all sales in 2014. This is up from 14% in the previous year.
Currently, Britons can snap up a three bedroom house for £651,667 in Bath, compared to forking out £1.431 million for a similar property in the leafy outskirts of London. That’s less than half the price.
With a commute of only 1.5 hours to get into London, commuters are clearly deciding to spend more time on the train to have more space to live in.
However, in turn, Londoners flooding the market are pushing up prices.
Prime property prices in Bath rose 5% in 2014, compared to the previous year. Knight Frank added that Bath outperformed the wider prime country market’s comparative annual growth of 3.4%.
Yet this is still a lot lower than the 15.3% annual increase in London property prices, according to Office for National Statistics data published in January 2015.