We are looking forward to our Autumn Property Forum to be held in The London Office on 16th October, find out why it could be the perfect opportunity to introduce buyers to your property.
Historically London attracts young people drawn to the capital by career opportunities but loses residents in older age groups. Recent figures from the Office for National Statistics shows the net annual outflow of Londoners from the capital to other parts of the UK at just over 103,000. Whilst property prices have fallen in central London, over the last 2 years, it still remains the most expensive place to buy a home in Britain with prices more than double the national average. This has contributed to the exodus of people, across the age range, from the capital to more affordable areas.
We have experienced this at first hand, with increased enquiries from potential purchasers looking to move out of London with some taking advantage of the price differential between the Capital and the country. With their buying power, they are able to purchase a property with the required outside space and in some cases, pay off their historic mortgage and still have equity to put in the bank. However, these buyers are not willing to offer over the market value despite the over inflated expectations of some vendors. As the roads, railways and communications have improved to Dorset, we are seeing an increasing level of potential buyers wishing to relocate there. Some for schools, some for work, some because of friends and family, others because of the beautiful rural countryside and quality of life. Modern technology has enabled greater flexibility to work from home, either part or full time, which has diminished the need to commute daily. This has brought in areas, which traditionally would have been off the search radar for those moving from London. We are in a unique position to attract these buyers from our office in St James’s Place and introduce them to the properties being marketed by our local offices.