The luxury county defying the house price slump

New Delhi (The Uttam Hindu): Property prices in several Home Counties surrounding London have taken a dip recently, with reports indicating that homeowners in these areas are often having to accept £150,000 (around ₹1.5 crore) less than their original asking price. Rightmove data shows that properties priced at £1 million (around ₹10 crore) or more are selling for 9.7% less than initially listed. In contrast, Berkshire has seen a different trend, with the average house price in the county holding steady at £541,406 (around ₹5.4 crore) over the last year. This is a rise from the previous year's average of £492,793 (around ₹4.9 crore), marking an 11% increase in historical sold prices.

Meanwhile, other Home Counties such as Buckinghamshire, Hertfordshire, Essex, Kent, East Sussex, West Sussex, Oxfordshire, and Surrey have experienced price declines. According to the Office for National Statistics (ONS), the average house price in West Berkshire was £403,000 (around ₹4 crore) in November 2024, reflecting a modest increase of 1.3% from November 2023. The ONS also reported that private rents in the region rose to an average of £1,236 (around ₹1.23 lakh) in December 2024, a 6.2% increase compared to the previous year, although this was still lower than the South East’s overall rise of 7.9%.

For first-time buyers, the average house price in November 2024 stood at £321,000 (around ₹3.2 crore), marking a 2.3% increase from the previous year. Homes bought with a mortgage averaged £411,000 (around ₹4.1 crore), up 1.4% from November 2023.

The contrasting price trends in Berkshire tell a resilience in one of the wealthier Home Counties while neighboring regions face the challenges of a cooling property market.