Property News

London to become a place 'we work but don't live'?

This is great news for people looking to sell in Epsom and the surrounding areas 

with the direct links to London

Families and young workers who are in rental accommodation in London, but looking to buy their first home, are leaving the capital in their droves to get on to the property ladder, forced out by high house prices.

More than two thirds of tenants buying their first home are escaping London so they can afford a place of their own.

New research from has revealed that 63pc of tenants who are taking their first step on the property ladder are moving outside London where they are finding that homes on average are &93,000 cheaper.

The gap between the places where people can afford to rent and where they can afford to buy has widened in every year since the market downturn in 2008, according to the study.

Tenants in the south of England tend to move furthest to get onto the housing ladder. This is where the chasm between where people can afford to rent and buy is largest and has widened the most since 2012.

In London and the South East house prices have increased 42pc since 2012, while rents have only climbed by 19pc.

This is a long-standing London trend as young families seek to establish the family home in locations that can offer all of the amenities they expect; a garden, good schools and a community feel that isn't always easy in inner London," says Adam Challis," head of residential reseacr at JLL. "The trend relies on the next generation of young professionals to continue to be able to afford to rent in these inner London locations. Increasingly, they are competing for the same locations and even properties as affordability pressures place limits on where young professionals can live."

And fears continue to grow from economic bodies and property agents that many young families and professionals will no longer be able to live and work in London.

 

Click here to read more about what Anna White at The Telegraph has to say about this matter.

 


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