In just one year, house prices have climbed enough to cover the cost of a Range Rover or two-and-a-half years worth of fees...at Eton College.

  • By Annabel Dixon

    December 12, 2016 16:30
  • What’s the latest?

    Owning a home in a Home Counties hotspot could ‘earn’ you enough to cover more than two years worth of fees at Eton College, one of the country’s most prestigious private schools, or a top-of-the-range car.

    Garrington Property Finders, which analysed Land Registry data, has revealed 10 Home Counties commuter towns where house price rises have beaten those in London in the year to September.

    And in some of the commuter belt hotspots, the spoils can be quite significant.

    Why is this happening?

    Every year, tens of thousands of Londoners move out of the capital to the surrounding commuter belt, driven by a desire for better value, more space and a wider choice of schools.

    Jonathan Hopper, managing director at Garrington Property Finders, explained: “In addition to the usual shopping list for would-be commuters – good transport links, good schools and so on – many buyers will also have one eye on the potential for price growth when choosing a location.”

    House for sale in Maidenhead.Above: six-bedroom house for sale in Maidenhead, Berkshire. 

    Who does it affect?

    Soaring house prices is fantastic news for existing homeowners in the top 10 Home Counties hotspots. But it’s less welcome for those looking to escape city rents and get on the housing ladder in some of these commuter belt towns.

    Sounds interesting. What’s the background?

    London house prices rose by 11% in the past year, outpacing the 10% chalked up in south east England.

    But in Brentwood, values soared by 16%, with the average semi-detached home in the Essex town appreciating by £64,289. That’s enough to buy 19 years worth of rail season tickets at today’s prices.

    The greatest gain of all was made in Maidenhead, Berkshire, where detached homes piled on £91,131. That will buy two-and-a-half years worth of schooling at the alma mater of David Cameron, Eton College.

     Rank

    Town/city

    Property type

    Average price

    Price rise

    Value gained

    What the gain buys

     1 Brentwood  Semi  £457,314  16%  £64,289  19 years of train fares 
     2  Canterbury  Terraced  £258,789  16%  £35,899  Four terms at The King's School 
     3  Hertford  Detached  £648,732  15%  £83,553  Range Rover Vogue SE 
     4  Fleet  Flat  £230,692  15%  £30,811  6.5 years of train fares 
     5  Maidenhead  Detached  £748,507  14%  £91,131  2.5 years at Eton College 
     6  High Wycombe  Flat  £216,065  14%  £26,971  1 year at Wycombe Abbey school 
     7   Reading  Terraced  £309,651  13%  £35,916  BMW 420i Convertible 
     8  St Albans  Semi  £613,935  12%  £65,344  17 years of train fares 
     9  Oxford  Flat  £265,422  12%  £29,346  1 year at St Edward's school 
     10   Farnborough  Flat  £237,105  12%  £25,878  Audi Q3 1.4 SE 

    Top three takeaways

    • House prices in Home Counties hotspots have outpaced those in London in the past year.
    • A 16% increase in property values in Brentwood could cover two decades of rail season tickets.
    • A 14% climb in Maidenhead house prices is enough to pay for more than two years of fees at prestigious Eton College.

    You may also be interested in...

    What would you spend your property 'earnings' on? Tell us by posting a comment below...

    * DISQUS *
    comments powered by Disqus