Savills’ analysis shows that demand for prime properties is greater in urban locations. This shows trends turning away from the race for space and greener locations that dominated during the pandemic. According to Savills’ March survey, buyers prioritise proximity to a train station (30%) and shops (38%) when searching for the perfect property.
With this emphasis on amenities in mind, urban areas continued to outperform rural areas in the first quarter of 2024. Prime property in cities such as Edinburgh, Glasgow, Bath and Oxford experienced a 0.6% rise in value, while rural locations saw a decline of -0.2%. Towns (0.1%) and villages (-0.1%) were also outperformed by cities.
According to Savills, prime city markets typically have smaller, lower-value properties that tend to attract young professionals and other needs-based buyers. More of these buyers have returned to the market as mortgage costs have improved.
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