Investec Bank has published the latest findings from its annual Property Index, which shows notable variations in property prices across the Home Counties, with a £200,000 gap between the most expensive county, Surrey (£1.55m), and the least expensive, East Sussex (£1.35m).
On average, property prices in the Home Counties fell by 9% in 2024, equating to a saving of £150,065 compared to their initial listing price. Kent reported the largest average percentage discount at 9.7%, with Berkshire falling by over £160,000 and Oxfordshire by £157,000.
The analysis, conducted from 1 December 2023 to 1 December 2024, focused on prime residential properties listed for over £1 million across the UK’s Home Counties, including Essex, Hertfordshire, Buckinghamshire, Oxfordshire, Berkshire, Surrey, Kent, West Sussex, and East Sussex.
Average price reduction by percentage and value of £1m+ homes:
% | £ | |
Greater London | -9.92 | 200,100 |
Berkshire | -9.45 | 160,060 |
Oxfordshire | -9.26 | 157,236 |
Kent | -9.72 | 156,344 |
West Sussex | -9.38 | 155,259 |
Buckinghamshire | -8.92 | 149,545 |
Essex | -9.49 | 149,154 |
Surrey | -8.73 | 148,198 |
East Sussex | -9.49 | 141,458 |
Hertfordshire | -8.32 | 133,333 |
Buyers seeking to leave London to gain more space could potentially double the size by moving to the Home Counties, with the greatest value to be found in nearby Essex, Kent and West Sussex.
Average Price per Square Foot of £1m+ Homes:
Greater London | £1,299 |
Surrey | £593 |
Hertfordshire | £579 |
East Sussex | £574 |
Oxfordshire | £574 |
Berkshire | £551 |
Buckinghamshire | £548 |
Kent | £521 |
West Sussex | £521 |
Essex | £501 |
Reflecting the great value on offer in the Home Counties, the survey reveals that properties sold quickly across many counties. In Surrey and Hertfordshire, homes sold in an average of just 86 days, despite these areas having the highest levels of new listings (5,540 in Surrey and 3,079 in Hertfordshire). This rapid turnover means buyers must act swiftly to secure their ideal home.
Average Time Taken to Sell a Property Over £1m:
Kent | 121 |
Buckinghamshire | 108 |
Berkshire | 106 |
Essex | 99 |
West Sussex | 95 |
Oxfordshire | 94 |
East Sussex | 89 |
Hertfordshire | 86 |
Surrey | 86 |
Carlos Mendes, private banker at Investec, said: “A move to the Home Counties gives buyers the opportunity to maximise the size of their property, often gaining over double the square footage of London properties for the same money.
“It’s clear that buyers were able to secure some great deals last year, with average reductions of over £150,000 compared to their initial listing price. But those considering a move need to act quickly with properties often selling quickly, with those in Surrey and Hertfordshire selling in a little over 12 weeks despite there being a large number of properties available in these counties.”