London was once thought of as the pinnacle of luxury housing. Today, it’s still where many of the UK’s, and indeed the world’s, most powerful people live. England’s capital city has an unrivaled status for extravagance and importance; so how are Bristol and Cambridge starting to even the playing field?
Consequently, here’s how London is being rivaled by these two places when it comes to the luxury housing market.
In recent years, many UK cities have received surges in investment. What were once thought to be dull and lifeless areas have now been revamped with newly regenerated industry. This, in turn, has driven house prices up, particularly in the southern cities of Bristol and Cambridge.
Both Bristol and Cambridge are now home to exciting tech start-ups, and even Microsoft and Huawei have a significant presence in these areas too. Samsung will also set up an artificial intelligence laboratory in Cambridge, so there’s clearly a lot of thrilling activity going on in these places. It’s attracting big names, and that boosts the demands of the luxury housing market.
Over the past decade, most property sales for £1 million or more took place in London. However, today Cambridge and Bristol have enjoyed over a £1 million sales surge in property, and for Cambridge, this was answering a demand from those employed at the Cambridge Biomedical Campus, one of the largest medical research sights in the world. There’re more exciting reasons for prolific people to live in these places, and the luxury housing market is responding.
Speed of purchase
Sometimes, the thought of moving is enough to put people off entirely. This can be especially true where luxury housing is concerned, where even more deliberations are needed. There’re different housing features, more rooms or garden spaces to inspect, and perhaps more weighted consideration periods when larger sums of money are being handed over.
That said, some £1 million-plus properties were being acquired in as little as 45 days in Cambridge, 17 days quicker than the fastest London location with the same price range. Bristol took 54 on average, which is still better marginally better than the capital. It’s a staggering shift. After all, buyers receive an unprecedented level of expert support today, ensuring that property sales are no longer arduous and tedious processes – instead they’re quick and easy. London, apparently, is the only exception where southern cities are concerned.
Once residents, now commuters
Many have packed up from London and moved away, citing reasons like pollution, terrorist activity, expenses and simply seeking a quieter life for sobering their experiences with the capital city. Each justification is fair, and many southern cities offer quick commute times for people to train into London should ex-residents ever need to be there for work.
Therefore, there’s simply little reason to live in London anymore considering all these risks. The occasional visit can be undertaken very easily, so London is still accessible without all the stress involved in living there.
Conclusion | It’s simply easier to live away from London in modern times. Other southern cities are rivaling London in terms of excitement and activity, and they’re cheaper, healthier and safer places to live in. The luxury housing market has adapted to these evolving interests and will continue to do so well into the future.