Savills Column FP.qxp_Layout 1 20/12/2019 11:07 Page 1
CITY | BUSINESS
WHY THE QUICKER COMMUTE TO LONDON COULD BE GOOD NEWS FOR HOME OWNERS MATTHEW PEGLER
A director for Savills residential team in Bath
I
t was the news so many of us had been waiting for but thought may never come. Last month saw the biggest shake-up of the Great Western Railway timetable since the 1970s. Coinciding with the introduction of new, faster trains, the restructure means a more frequent service and, crucially, a shorter journey time between the south west and London. Now, for the first time, it is possible to get into the capital from Bath in 75 minutes, making it a much more viable commute. Those 17 minutes could make the difference for many would-be commuters and, as a result, are likely to have a knock-on effect on the property market in Bath and the villages close to Chippenham station, from where the commute into Paddington is now in and around the hour mark. Savills analysis of data relating to house prices around 450 commuter stations shows that, for every minute a location adds to a one hour commute into London, a property loses £3k. And while we’re not predicting an immediate or dramatic spike in prices, over time we could see value relative to London drive more demand in certain areas. Bath has a ‘jewel in the crown’ status in the south west. Over the last decade values in the city and North East Somerset have risen by 50% - outperforming the wider region, which saw an increase of 37%. Its enduring appeal is well-documented and proven by how well prices held up over the recent period of Brexit-related uncertainty.
Currently, commuters are largely drawn to the areas closest to the station – within a mile radius is typical – encompassing many of the city’s Georgian crescents and Regency and Victorian villas. Prices in these areas reflect the strength of demand, as well as the quality on
offer – at an average of £500k. Over time we could see values start to rival those of the commuter cities of Oxford and Cambridge, which saw growth of 58% and 67% respectively over the last ten years. Outside of Bath and closer to Chippenham station, the Wiltshire villages of Lacock, Nettleton, West Kington and Yatton Keynell are already popular hotspots. Not only could we see values start to rise in these desirable village hotspots, prompted by increased demand, there is also potential that the market in second home ownership will increase as a result. Largely well-equipped with quality amenities, these picturesque south Cotswolds villages benefit from being part of the coveted Area of Outstanding Natural Beauty, and proximity to fashionable lifestyle venues, like Soho Farmhouse. The likes of Castle Combe and Biddestone are already popular among commuters and the new shorter service may well prompt more buyers, who may previously have viewed Wiltshire as too far from the capital, to take another look at the area. We saw a strong build-up of demand for property in and around Bath last year, including many buyers from London, keen to make their move but unable to secure the sale of their own home. While Brexit may continue to act as a drag in the short term, the outcome of the election last month is expected to bring a greater sense of urgency to the market – unlocking some of the deals that had been holding people back. That this shift in market conditions corresponds with the new shorter commute is welcome news for those looking to sell in 2020. n Matthew Pegler, Savills Bath. Edgar House, 17 George St, Bath BA1 2EN Web: savills.co.uk
From left to right: 51 Prior Park Road in Bath (excess of £1,000,000) is less than half a mile from the station, while Hall Barn in Upper North Wraxall (guide of £1,200,000) and Mill Farm in Broughton Gifford (excess of £1,500,000) are both 8 miles from Chippenham station
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JanUaRY 2020
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