House prices in London commuter hotspots are decreasing, creating opportunities for buyers who may previously have been priced out, a property website has said.
Rightmove looked at asking prices for homes in commuter locations around six cities - London, Manchester, Glasgow, Birmingham, Bristol and Cardiff.
Looking at annual changes in average asking prices in July, researchers found that n the capital, prices have decreased annually by 3.1% (£646,451).
Haywards Heath in Sussex recorded the largest annual asking price decline in the analysis, down 4.8% to reach £461,066, followed by Maidenhead with a 3.9% fall.
Reading, Berkshire, came in fifth in the ranking, with the average house price down to £377,211, and Billericay, Essex, coming in just behind, with a 2.8% drop.
However, there was one exception to the rule. In Broxbourne, Hertfordshire, house prices have soared by 8.7%, with the average property costing £654,263.
Colleen Babcock, a property expert at Rightmove, said that the price drop would be welcome news to hopeful London commuter belt buyers.
“Some of the more expensive commuter hotspots are seeing prices ease, which could create opportunities for buyers who may previously have been priced out,” she explained.
Commuter belt locations can provide numerous benefits for those looking to be close to work whilst also having access to local amenities and green spaces, estate agents have said.
Ian Harris, National Association of Estate Agents Propertymark president, said: “Since the pandemic, we’ve seen an initial reformatting of what many people want and need from the location they choose to live in.
“Initially, we saw many people embrace the concept of working from home and enjoying a lifestyle away from the traditional city commute.
“However, this is now a trend that is starting to swing back, with many people looking for a hybrid location that offers easy commuter access to key cities, while also providing a desirable mix of out-of-city amenities.”
Here are the locations with the biggest percentage annual asking price falls, according to Rightmove, with the nearby city, the average asking price in each location, and the annual percentages in asking price falls:
1. Haywards Heath, West Sussex, London, £461,066, minus 4.8%
2. Maidenhead, Berkshire, London, £571,686, minus 3.9%
3. Bath, Somerset, Bristol, £508,109, minus 3.8%
4. Leamington Spa, Warwickshire, Birmingham, £369,612, minus 3.3%
5. Reading, Berkshire, London, £377,211, minus 2.9%
6. Billericay, Essex, London, £558,087, minus 2.8%
7. Yate, Bristol, Bristol, £331,921, minus 2.3%
8. Slough, Berkshire, London, £405,182, minus 2.2%
9. Chelmsford, Essex, London, £402,836, minus 2.1%
10. Basingstoke, Hampshire, London, £353,642, minus 1.9%
11. Woking, Surrey, London, £509,550, minus 1.7%
12. Tonbridge, Kent, London, £483,362, minus 1.5%
13. Redhill, Surrey, London, £426,481, minus 1.3%
=14. Brentwood, Essex, London, £559,908, minus 1.2%
=14. Caerphilly, Cardiff, £251,142, minus 1.2%
Here are the top 15 commuter hotspots with the nearby city, the average asking price in each location and the annual percentages in asking price growth, according to Rightmove:
1. Falkirk, Stirlingshire, Glasgow, £183,596, 13.5%
2. Rochdale, Greater Manchester, Manchester, £238,115, 8.7%
3. Broxbourne, Hertfordshire, London, £654,263, 8.1%
4. St Helens, Merseyside, Manchester, £192,570, 7.8%
5. Port Talbot, Neath Port Talbot, Cardiff, £176,787, 7.7%
6. Wishaw, Lanarkshire, Glasgow, £140,127, 7.0%
7. Wigan, Greater Manchester, Manchester, £193,347, 6.2%
8. Stalybridge, Greater Manchester, Manchester, £265,378, 5.6%
=9. Greenock, Inverclyde, Glasgow, £135,151, 5.3%
=9. Hamilton, Lanarkshire, Glasgow, £174,869, 5.3%
=11. Wolverhampton, West Midlands, Birmingham, £230,737, 5.2%
=11. Barry, Vale of Glamorgan, Cardiff, £261,859, 5.2%
13. East Kilbride, South Lanarkshire, Glasgow, £174,348, 5.1%
14. Dumbarton, Dunbartonshire, Glasgow, £168,045, 5.0%
15. Penarth, South Glamorgan, Cardiff, £432,414, 4.7%
In contrast to London, affordable commuter locations around Glasgow and Manchester have resulted in a growth in asking prices.
Average asking prices were up by 2.9% annually in Glasgow (£191,530), 1.8% in Manchester (£261,212) and 1.4% in Cardiff (£285,596).
Falkirk in Stirlingshire had the highest price growth in the research, at 13.5%, with an average asking price of £183,596.
Babcock said Rightmove’s data “highlights two very different stories playing out across some of Britain’s commuter markets”.
“In the more affordable locations around Glasgow and Manchester, asking prices are rising strongly as buyers look for value within reach of major cities.”
Rightmove’s research looked at commuter areas surrounding the six cities only, not every commuter location in Britain.
