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London Bubble or Northern Living?

Here at Wright Marshall we understand how much thought goes into buying or renting a house: from the number of bedrooms, to the amount of garden space and if there’s a school nearby; there are loads of factors to consider when house hunting – few more than price and location, and these are often intertwined in the British property market.

The graph below, taken from a KPMG article shows how the ‘London bubble’ (the seemingly separate market of property in the capital) formed between 1973 and 2013 and the difference in house prices between London and the rest of the UK.  In the first quarter of 2011 there was a steep 65% rise in house prices in London, putting the city very much in a league on its own with its own microcosm of property values.

 

London bubble or North West living

 

Using search engine technology, Home.co.uk have the most comprehensive database of UK residential properties that allows you to compare market rent prices.  According to their database, the average London market rent is priced at £2,737pcm whereas the average Cheshire market rent is £904pcm, and it’s even lower in Derbyshire at £648pcm.  Last year the BBC news released the headline, “North-South house price divide hits record high” and reported that house prices in Northern England are now less than half in comparison to the South of the country.  Based on statistics from Nationwide, the article also discusses the first quarter of 2016 seeing a rise of prices in the South by 9.9% with the North only seeing a 1.8% rise.

So, what’s the alternative to living in London?  Consider moving to the North West!  With easy access to commute routes up and down the country, fantastic quality of life and far lower house prices, the North is an ideal investment.

If you’re looking to invest in a bigger family home, you would certainly be able to see a lot more for your money in the North West; for example, this 3 bedroom detached house in Cheshire has a sizeable garden, a driveway that can fit three cars, as well as a garage, all at a sale price of £289,000.  In contrast, a 3 bedroom home in central London is more likely to be terraced with a far smaller garden space and at an incredible price of around £7,950,000.  A prime example of the ‘London bubble’ prices.

Living in Cheshire would also allow you to live in and amongst the fresh countryside which boasts plenty of clean air away from the hustle and bustle of a big city with everything you need right on your doorstep. You wouldn’t be too far away from North Wales either which has plenty to offer from beautiful countryside, to scenic coastlines and National Trust properties which make for a great family day out.  Whilst we’re on the subject of family days out, Cheshire is also home to the most visited zoo in the UK, Chester Zoo which of course is a must see with over 15,000 animals and 500 species.  Cheshire also has plenty to offer in the form of Michelin starred restaurants such as the Simon Radley at The Chester Grosvenor Hotel.  Certainly, a restaurant with the culinary standards of London.

When living in London, it can still take you over an hour to get to and from work every day with rush hour traffic on the roads and packed public transport.  To put this in perspective, you can take a train from Chester to London Euston in two hours.  Imagine enjoying the perks of the Cheshire countryside but also having the option to get to the Capital in just two hours, whether it’s for business or pleasure.    Long commutes make the working day longer and more stressful.  How great would it be to have a short commute to work and allow yourself some time to relax at the end of your day?  For example, if you lived in Chester you would only have a forty minute commute time if you were working in Liverpool.  However, Manchester also has a lot to offer in the way of jobs, with MediaCity being home to numerous companies in various sectors.

If you’re thinking of making the move up North, get in contact with our team on our website to find out more.