primeresi.com https://www.primeresi.com/the-uks-real-property-hotspots-spa-towns-steam-ahead-of-the-rest-of-the-market/36528/
The UK’s Real Property Hotspots: Spa towns steam ahead of the rest of the market Canny investors who put their money in the UK’s Spa towns have cleaned up in more ways than one, according to Knight Frank.
The firm has been looking at property prices in thermal hotspots like Bath, Tunbridge Wells, Cheltenham, Royal Leamington Spa and Harrogate over the last five years and reckons they’ve been outperforming the wider UK market by some distance. According to the stats, the average property price in the UK’s Spa towns was 3.5% higher at the end of 2013 compared to the start of 2008. Compare that with the rest of the UK, where average prices were 6.7% lower.
Royal Tunbridge Wells bagged the top spot, with a whopping 16% hike since 2008, closely followed by Bath (15.5%), Cheltenham (12%) and Royal Leamington Spa (11.3%). Harrogate came in tenth place, with 1.9%. And here’s the team to explain why… Oliver Knight, Knight Frank Research: “The outperformance of property prices in many Spa towns compared to the wider UK market is reflective of the continuing demand for homes in and around historic towns and a post-crisis trend towards urban living. “London buyers are also able to take advantage of the price gap that currently exists between prime London and prime country properties, This price difference is nearly at its greatest point since records began which is nearly the widest it has ever been, giving them more bricks and mortar for their buck in prime country markets.” Andrew Harwood, Knight Frank Tunbridge Wells: “It is no surprise Royal Tunbridge Wells is the best performing Spa town. Not only does Tunbridge Wells have the Royal charter, but it is a lovely place to live with established shops, boutiques, impressive cultural amenities and access to amazing countryside. “Spa Towns are few and far between but is not necessarily rarity that sets them apart and makes them attractive to buyers Established over 100’s of years, ancient towns like Royal Tunbridge Wells have character and wonderful old buildings with history and give the town a real identity.”
Here’s the full rundown Spa Town
Average price (2013)
% Difference (2008 vs 2013)
Royal Tunbridge Wells
£
344,817.43
16.50%
Bath
£
344,201.67
15.50%
Cheltenham
£
245,501.34
12.00%
Royal Leamington Spa
£
250,550.57
11.30%
Ashbourne
£
274,145.40
11.20%
Tenbury Wells
£
264,564.58
11.20%
Woodhall Spa
£
211,588.82
8.10%
Knaresborough
£
274,025.63
3.10%
Boston Spa
£
294,262.17
2.00%
Harrogate
£
273,777.28
1.90%
knightfrank.co.uk Image: The Spa Hotel, Tunbridge Wells England by Snapshots of The Past (CC-BY-SA 2.0)