East Anglia a key beneficiary of the escape to the country trend
The pandemic and working from home led buyers to revaluate Eastern England in 2020
04 March 2021
East Anglia has been a key beneficiary of the escape to the country trend as buyers take advantage of the rural lifestyle and greater levels of affordability.
The area was the top performer in the six months to December 2020 in the Prime Country House Index, with price growth of 17.6%.
Other strong performers were Cobham (up 12.4%), Worcester (up 8.6%) and Winchester (up 7.9%).
Suffolk and Norfolk have benefitted from people’s willingness to extend their commute times on the assumption that they will not be completing a daily journey post-pandemic.
London’s Liverpool Street station takes 90 minutes from Norwich and 76 minutes from Ipswich by train. In the South West, which has also benefitted from the same trend, Bristol to Paddington takes around 90 minutes.
A one-stop commute into Liverpool Street in London’s financial district is the key advantage for some. The rethinking of the commute is a trend we have explored in relation to the Canary Wharf financial district.
“For those that require it, access to Liverpool Street is an attraction but it’s the lifestyle and relative affordability that also attract people, “said George Bramley in Knight Frank’s Country Department.
The average price of a detached property increased by 24% in Ipswich and by 26% in Norwich in the five years to March 2020. In November 2020, the average price of a detached property in Ipswich was £357,366 and in Norwich it was £396,343.
By comparison, the average price of a detached property in Bristol rose by 35% in the five years to March 2020, meaning the average price of a detached house in Bristol was £585,734 in November 2020. Prices in Exeter rose 18% over the same period, producing an average detached price of £510,471.
As we have previously explored, the pandemic has seen an increase generally in demand from London-based buyers for second homes.
