Londoners turning to countryside for affordable homes

30-May-2007

The continued acceleration of house prices in London has resulted in a marked increase in the number of homeowners looking to move to the countryside, it has been advised.

The Evening Standard has reported that estate agents in London have witnessed rising levels of interest in moving to a countryside property, with some analysts believing that the trend could signal a shift in the importance of traditional locations.

"Access to Heathrow might be more important than going into central London," suggested Bob Bickersteth, director of an estate agency in the capital.

Prices are currently increasing by 15.6 per cent a year in London, according to research from the Land Registry published today.

Areas such as Kensington and Chelsea are showing annual rises of 24 per cent, with the average price in the borough now standing at £729,676.

A third of first-time buyers in the capital now say that they will need financial help to get onto the housing ladder, research from the Council of Mortgage Lenders has revealed.

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