Page 7 - Layout 1

“We have seen a 32% increase in new applicants looking to move out of London over the last nine months.”
However, the economic and political uncertainties are starting to affect confidence with some potential purchasers adopting a ‘wait and see’ policy. This is weakening the market and is more apparent the closer to London you are. The gap between London and the country has narrowed, albeit in some areas prices are still below their 2008 peak in real terms.
We have seen a 32% increase in new applicants looking to move out of London over the last nine months. They are trading in their shoebox-sized flats or terraces for family homes with bigger
gardens and a better quality of life. There has been an increase in applicants registering to move out of London, including a noticeable surge in thirtysomethings leaving. These people are leaving friends in order to find a home they can afford and in many cases, schools for their children. Despite the dip in the London values, it is a worrying effect of insurmountable affordability pressures.
Modern technology has enabled greater flexibility to work from home, either part or full time, which has diminished the need to commute daily.
This, combined with improvements to the railways and roads, has brought areas that traditionally would have been off the search radar for those looking to move from London. These buyers are conscious that they are not willing to offer over market value despite the inflated expectations of some vendors.
At our office in St James’s, potential purchasers are able to discuss their requirements with professional qualified staff, who can answer questions about prices, market conditions, commuting times and schools. We can then search the database for them and give out brochures of suitable properties. We are in a unique position to harness these potential buyers with prominent street level offices, with large window displays.
7