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There’s nothing quite as stressful as buying your first home (apart from divorce, potentially). Later purchases don’t actually get less stressful, which is why Londoners rely on experts to name the best, most economically secure places to live. After analysing millions of points of data, Proportunity, a company attempting to make homeownership more accessible, has named Kingston-upon-Thames the top location for recession-busting houses across England and Wales.
With a recent survey by Deloitte finding that 63 percent of finance heads believe that there will be a recession next year and 68 percent of business consultants expect that inflation will continue and exceed economists’ expectations, many homeowners are worried about their properties becoming less valuable than the mortgages they have taken out to buy them. In the event of an economic decline, mortgages will become much more costly and difficult to secure.
Proportunity’s list is based on characteristics shared by neighbourhoods which have fared well in past recessions, such as low housing supply in affluent areas, high numbers of older properties, greater proportion of millennials, homes that are larger than average size, and frequently used train stations.
The top three locations are Kingston upon Thames, Haringey and Harrow: all in London. The three areas share qualities like good schools for both primary- and secondary-school-age children, convenient commute times into London, and green spaces. Crime rates and affordable homes also contribute to the desirability of each area.
Vladim Toader, co-founder and CEO of Proportunity, said: ‘Knowing the characteristics that make homes more likely to retain their value and the top areas of resilience is a simple way to protect your purchase’, calling the list of attributes an ‘extra layer of security’ for potential homeowners.
Have plans to climb the property ladder anytime soon? Better act quickly, as these areas will be more in demand than ever after this list. You’re going to have to fight your competitors off with a stick.
Proportunity’s top ten places for recession-proof homes in England and Wales:
1. Kingston upon Thames
2. Haringey
3. Harrow
4. South Gloucestershire
5. Luton
6. Bracknell Forest
7. Borxbourne
8. Derby
9. Rugby
10. Portsmouth
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