Stafford Ranks First for Best Hospital with Affordable Housing in England
The latest research from leading online estate agent Emoov.co.uk highlights the disparity in property prices surrounding the ten highest and lowest rated hospitals in England. Similar to schools, hospitals play an important role in the house hunting process, therefore, the average house price near the nation’s top ten hospitals is £359,526 more than the national average. In contrast, the average property price in areas with one of the ten worst rated hospitals is £37,833 lower than the national average.
Using Dr. Foster’s Hospital Ranking Guide, Emoov re-ordered the top ten best and worst hospital trusts based on the location of the main hospital in that trust and the affordability of property in the area, to highlight the best and worst areas in England for potential buyers where a good or bad level of medical care is concerned. Emoov also looked at the increase in price since each medical establishment was ranked by Dr. Foster to ascertain whether placing in the top or bottom ten coincided with the change in property values.
The average property price and change in value over the last five years in each area show that quality healthcare facilities do, in fact, coincide with stronger property values. Since its publication in 2011, the top ten hospitals named in Dr. Foster’s guide have seen an average house price increase of 45%, which is 11% more than England as a whole. However, those at the tail end of the list have seen prices increase 5% less on average when compared to house prices across the whole of England.
Topping the list is Mid Staffordshire NHS Foundation Trust, which had an average property value of £171,722 in 2011, but jumped 13.4% in five years to £194,767. It is trailed by the South Tees Hospital NHS Foundation Trust – Northallerton’s property value increased by 11.3% since 2011, making the average property cost £230,524 in 2016. Both areas offer an affordable average property price lower than the nation as a whole, with the benefit of a very highly regarded hospital on their door step.
Five of the highest ranked hospitals in the guide are in London, therefore, the property growth is well above the national average in the five-year period. Southwark’s Guy’s and St Thomas’ NHS Foundation Trust is located in an area of the capital where prices have skyrocketed by 74.43% since 2011, and currently averages £532,071. In 2016, the average property surrounding St George’s Healthcare NHS Trust has jumped 60% to £609,373, while the University College London Hospitals NHS Foundation Trust to £872,390 (54%).
Not surprisingly, both Chelsea and Westminster Hospital NHS Foundation Trust and Imperial College Healthcare NHS Trust have property averaging over the £1m mark with a 37.13% and 60.51% jump respectively in the five-year period, despite only a 37% increase in the borough of Kensington and Chelsea. All the areas housing hospitals in the top ten list have exceeded the national average in percentage growth, and still two have property value below England’s.
On the other end of the spectrum, the lowest ranking hospitals are in areas with significantly smaller average property values and are primarily found in the north of the country. Although the real estate in these areas did grow in value over the period between 2011 and 2016, more than half are below England’s average property value.
Although both the Lewisham Hospital NHS Trust and Basildon and Thurrock University Hospitals NHS Foundation Trust grew impressively since the guide was released, 77.7% and 58.7% respectively, the majority of the other areas highlighted in the lowest ten list have average property values below England’s and have also grown at a slower rate.
The property value in Manchester surrounding the University Hospital of South Manchester NHS Foundation Trust has increased more than the national average at 35%. However, the seven other areas with low ranking hospitals have grown slower than England’s average in the five-year period since Dr. Foster’s guide was released.
Scarborough and North East Yorkshire Healthcare NHS Trust is in an area where prices have increased by just 3.40% between 2011 and 2016. Similarly, Blackpool, Fylde and Wyre Hospitals NHS Trust experienced a 3.84% change with an average property value of £102,221.08 in 2016, which is less than half of the national average. England’s property grew 34% over the same time period, while the property surrounding these hospitals remained nearly stagnant.
There is no doubt that a highly rated hospital will affect property values because when shopping for a home, there are a number of local factors that increase the desirability of a property, with top quality schools, commuter links and hospitals among the most vital to potential buyers.
We have conducted numerous research projects whereby the availability of good schools and commuter links have seen prices increase more than average, this latest research shows that a good hospital also plays a big part in this, as safety is a primary concern for many and a good level of care goes hand in hand with this.
It’s no surprise that the ten worst have seen property prices surrounding them climb at a slower price than England as a whole, with the average price also coming in some £40,000 less. It also demonstrates the impact a great hospital can have, with the top 10 not only seeing a double digit increase in growth when compared to the national average, but also being home to an average house price considerably higher than the London average, let alone the national average.Russell Quirk