The latest findings from Investec Bank’s annual Property Index reveal a stark £200,000 price gap separates Surrey, the most expensive County with an average property price of £1.55 million, from East Sussex, where properties average £1.35 million.
During 2024 there has been a steep 9% average decline in property prices in the Home Counties translating to a substantial saving of £150,065 from initial listing prices.
Kent led the charge with the largest average percentage reduction at 9.7%, while Berkshire and Oxfordshire saw average price drops exceeding £157,000.
The analysis, conducted between 1 December 2023 and 1 December 2024, focused exclusively on prime residential properties listed at over £1 million across nine counties: Essex, Hertfordshire, Buckinghamshire, Oxfordshire, Berkshire, Surrey, Kent, West Sussex and East Sussex.
COMPETITIVE MARKET
Despite the price adjustments, the market remained competitive, with properties selling rapidly. In Surrey and Hertfordshire, where new listings were highest (£5,540 in Surrey and £3,079 in Hertfordshire), homes sold in an average of just 86 days.
The appeal of the Home Counties remains strong, particularly for buyers seeking more space and value compared to London.
ACT QUICKLY
Carlos Mendes, Private Banker at Investec, says: “A move to the Home Counties gives buyers the opportunity to maximise the size of their property, often gaining over double the square footage of London properties for the same money.
“It’s clear that buyers were able to secure some great deals last year, with average reductions of over £150,000 compared to their initial listing price.
“But those considering a move need to act quickly with properties often selling quickly, with those in Surrey and Hertfordshire selling in a little over 12 weeks – despite there being a large number of properties available in these counties.”
Read more on Mortgage Soup HERE.
