Luxury residential properties all across the UK are rapidly rising in value, a new property price tracker suggests.
According to estate agent Knight Frank’s latest prime market report, an increasing number of wealthy buyers from both the UK and overseas are eying up residential investments not only in the City of London, but also in other key markets across the country.
The agent’s report – which assessed prime property price growth across six UK markets – found that the values of properties in the top five-to-ten per cent of all cities rose significantly in the second quarter (Q2) of 2017.
Bristol enjoyed the strongest prime price growth at 7.4 per cent, followed closely by Bath, where values were up 4.7 per cent, both year-on-year.
But the South West was not the only area to enjoy price growth in its prime markets, with cities such as Oxford, Winchester and Cheltenham also enjoying robust growth.
Oliver Knight, Associate at Knight Frank, said: “Prime properties in these areas have outperformed the general market in the past few years in both price growth and activity level.”
The group’s research also revealed that an increasing number of overseas buyers appear to be snapping up properties in such cities.
For example, 15 per cent of all sales completed in Bath so far in 2017 involved overseas or foreign buyers, the report showed.
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