At a time when average house prices in London are £300,000 more than the average in England and Wales*, Jeremy Campbell-Harris, Head of London Country Houses at Humberts, which is based in London’s Mayfair, reflects on the drivers of London migration:
“The exodus from the city to the country is gathering pace. According to the Office of National Statistics in a 2014 report, more than 250,000 people left the capital that year.
For the lucky urban homeowners who like the idea of country life, and who have enjoyed price rises over the past few decades, the current climate presents a real opportunity to cash in and start a new life in the country.
We know from data from our branch network that it is families who tend to be at the helm of the exodus. More often than not, they are in search of an easier way of life in a more rural setting, access to great schools but still within commutable distance of London.
Over recent years, we have noted a surge in buyers looking to sell up and cash in on their equity. The Home Counties are still the most popular destination as they allow easy access back into London. For those who are prepared to look further afield, such as the South West, a savvy buyer could get a lot more for their money.
For example, in Westminster, a budget of £1.2m will buy a two double bedroom top floor mansion flat. For the same budget, we currently have a Grade II listed 5 bed farmhouse with 5.5 acres of gardens and paddocks with a range of equestrian facilities to include a ménage on the market at £1.15m with our Chippenham branch.
Should a more central location be desired, through our Marlborough office, a budget of £925,00 could secure a most attractive family house situated in one of Marlborough's most sought after residential locations, within walking distance of the High Street.
*According to Land Registry data published in the June price index