New research has revealed that buy-to-let investors should continue to search for property within commuting distance of London, with property prices in these locations increasing significantly in the last decade.
The investigation from Rightmove shows that Cambridge has seen the most prominent rise-with prices increasing by 75.3% between 2006-2016. An average property here now costs £463,093.
There was also substantial growth in Walton on Thames where prices increased by 71.8% in the decade. This was followed by Maidenhead (65.3%), Leigh on Sea (65.2%) and Slough (64.1%). Prices in these locations are now £539,653, £394,333 and £363,381 respectively.
Property prices in the capital however have seen a larger rise, of 84.7%.
This said, during the last year, towns and cities further away from London have seen the largest increases in asking prices. Bath saw the most prominent rise, with values up by 17.8% between December 2015 and December 2016 to hit £495,491. This could mean that savvy investors should look further afield from the capital when looking to take out landlord insurance on a property.
Next came Wellingborough, Frome and Whitstable, with average property values rising by 14.9%, 14.5% and 14.3% respectively.
In addition, Rightmove’s research shows that the average time a property took to sell in England Wales during 2016 was 64 days. Outside of London, the fastest place to sell was South Ockendon at 25 days. In the capital, homes sold quickest in Sidcup, where they took an average of 22 days.