Picture a Surrey village so picturesque and perfect that it's the most expensive place ever to buy property outside of one zip code in London. The appeal of this prime neighbourhood is only expected to grow stronger as we move further into 2024. Here, in today's article, we have discussed why the properties to buy in Virginia Water are so attractive for both the property investors and aspiring home buyers.
A Promising Start to 2024
The property market in Virginia Water has kicked off 2024 with remarkable vigour. Over the last six months, mean listing prices increased an expansive 9%, evincing a robust and expanding marketplace. This escalation of demand is most clearly seen in the sought-after Wentworth region, where exchanges have increased tenfold.
What's driving this activity? Buyers and sellers are keen to move forward sooner in the year, say industry experts who speculate the incentive may be helped by a recent drop in mortgage rates. This proactive approach is making the market a dynamic and competitive environment.
Premium Living Comes at a Premium Price
Virginia Water's current market values accurately reflect the area's reputation for upscale real estate. With an average house price of an astounding £2,165,613, the neighbourhood is clearly a top residential destination. Detached properties for sale in Virginia Water, which are ideal for large families, are selling for an average of £2,310,000.
It's not all million-pound houses, either. At an average price of £337, 000, flats in Virginia Water provide a more affordable entry point to this exclusive postcode. A variety of purchasers may discover their ideal house in this sought-after location thanks to the variety of property types and pricing available.
Space: A Valuable Commodity
When comparing properties of different sizes, the price per square metre provides a useful metric. In Virginia Water (GU25 4), the median price per square metre is £6,110. This figure places it among the most expensive areas in the UK outside of central London.
The range of prices per square metre is equally telling of the market's diversity. While half of the properties sold were priced between £5,070 and £7,470 per square metre, only a quarter exceeded £7,470 per square metre. This spread indicates that while luxury properties command premium prices, there are still opportunities at various price points.
Market Dynamics: Patience and Strategy
The Virginia Water property market is active, but not frenzied. Properties spend an average of 21 weeks on the market before selling, allowing for considered decision-making by both buyers and sellers. Interestingly, asking prices have seen a slight average decrease of 1.8% over the past six months, suggesting a market that's finding its equilibrium.
However, don't let this modest decrease fool you. Well-priced and effectively marketed homes are still snapped up quickly, emphasising the importance of accurate valuation and strategic marketing in this competitive landscape.
Size Matters: Property Types and Prices
Virginia Water offers a diverse range of property types to suit various needs and budgets. Here's a breakdown of average sold prices by property size as of January 2024:
House Size | Average Sold Price |
1 bed | £350,000 |
2 beds | £542,778 |
3 beds | £784,684 |
4 beds | £2,270,204 |
5 beds | £3,707,548 |
These figures highlight the premium placed on space in Virginia Water, with prices increasing significantly as the number of bedrooms goes up.
Looking Ahead
As we approach the last quarter of 2024, the property market in Virginia Water remains robust and attractive to buyers. The combination of rising average prices and increased market activity points to a positive outlook for the year ahead.
Virginia Water continues to live up to its reputation as one of the UK's most desirable residential areas. Whether you're looking for a cosy flat or a sprawling mansion, you should work with local Surrey estate agents to find you the best property.