£200k between the most and least expensive home counties

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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.”

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