Buying property in a spa town has proven to be one of the best property investments of the past five years, according to research from Knight Frank.
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. In comparison, average prices across the UK were 6.7% lower.
Oliver Knight, from Knight Frank Research comments: ‘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.’
Royal Tunbridge Wells, where prices are 16.5% higher than in 2008, is the top performing spa town while Bath comes second with a 15.5% rise, followed by Cheltenham at 12%,and the Royal Leamington Spa at 11.3%. Harrogate comes in 10th place with an increase of 1.9%.
Andrew Harwood, Knight Frank Tunbridge Wells, says: ‘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.’
Most of the best-performing historic Spa Towns are also home to excellent state, private and grammar schools, which only adds to their appeal.
Mr Knight adds: ‘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.’
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