In today’s property surveying blogpost topic here at Stokemont we are going to be looking at property valuation.
Property valuation is at the heart of the vast majority of the services our valuers undertake here at Stokemont.
The past two-years has been an incredibly volatile time for property values across the UK and in this week’s blogpost we are going to be looking at how house prices have faired over the past year and those areas that have seen a significant boom and growth.
Starting with Margate, the coastal town in Kent, this has its average property price increase by just under 103% over the past decade.
With commuting into the city becoming a much more conventional and normal procedure these days, areas like Margate in Kent have seen an influx of commuters who do not mind braving the journey into the London office every day.
New data from Rightmove confirms that, of the top 10 places showing the greatest house inflation over the past 10-years, eight of these are in the traditional London commuter belt.
This effectively means commuting into work is now an accepted part of our lives. In many cases, property buyers are willing to move slightly further afield, in order to get more ‘bang for their buck’, or ‘punt for their pound’ and have a little bit more to look forward to on the weekends than your average London flat.
It is also worth bearing in mind that the investment government has made into transport links, in particular the Elizabeth Line Crossrail project, which will see TFL vastly expand to include Reading, Maidenhead, Slough, Brentwood, Shenfield and even terminals two, three and four at Heathrow Airport.
The infrastructure that has been built around these out of London areas is going to significantly open up the type of property purchaser and dramatically boost and increase the percentage value of property prices in these areas.
It also important to bear in mind that a year ago today, very few of us would have ever considered working from home as a bonified option and it is hardly unsurprising that 55% of the workforce in the UK now look at working from home as a genuine future plan.
Furthermore, 13% of the workforce are likely to remain working remotely over the next five years. This is dramatically going to change the way inner cities operate during the week, as inevitably there is going to be less footfall within areas as there used to be pre-lockdown.
The effects of covid-19 have seen a dramatic change in the way that property investment can be made in the UK and, over the next few years, here at Stokemont we expect to see this really reveal and show itself.
Property investment and property valuation can be a complicated matter and we say that in the knowledge of having been valuing properties for well over 10-years. Over the past two-years, with market fluctuations, the change in the way we are all purchasing from shops and, not to mention the way we now look at our day-to-day work lives, we expect to see this change becoming even more evident, with the outer London and outer City property prices really booming ahead of their inner city rivals.
If you would like to discuss your property valuation requirements with our team of RICS Chartered Surveyors and RICS Registered Valuers here at Stokemont, give us a call today and we will be more than happy to assist and advise you.
