Savills senses a move by rich Londoners
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Friday 16 March 2012
Families in London's prosperous boroughs have been postponing moves to bigger pads in the Home Counties while house prices in the capital surge but the trend could be ending, estate agent Savills said yesterday.
London prices have boomed in the past two years in contrast to a virtually stagnant country market, but more buyers are now being tempted outside the capital, according to Savills finance director Simon Shaw.
"It's a bit too early to call it a definitive trend, but if you look at previous downturns we have seen an exodus from the Wandsworths, Claphams and Fulhams to the country, which hasn't really happened so far.
"The rationale is that if you are a property owner in any of these London boroughs the margin for what you could buy (in the country) was ever extending in your favour.
"But you can only postpone a lifestyle decision for so long. There comes a point when you...say if you don't move out now you never will," said Mr Shaw.
With the average price of Savills' country stock at £1.1m, it is "comfortably" within reach of Londoners. overall pre-tax profits rose 7 per cent to £50.4m.
Life & Style blogs
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
- 1 10 ways we damage our teeth – without realising
- 4 Photo of wedding guest proposing to girlfriend in front of bride and groom goes viral
- 5 Charlie Charlie Challenge explained: it's just gravity — not a Mexican demon being summoned
£20 - 28k + Benefits: Guru Careers: We are seeking a Graduate Software Develop...
£16000 - £21000 per annum: Recruitment Genius: High quality, dedicated Delegat...
£25000 - £60000 per annum: Recruitment Genius: A fantastic opportunity has ari...
£20000 - £40000 per annum: Recruitment Genius: As the successful candidate you...