Many people are deciding that now is perhaps the best time to move to the country and leave the inner cities for good. The main reason why people, who previously have been quite happy living in a big city, decide to move to the countryside is to raise a family.
House prices in London have rocketed over the past couple of years that has led to estate agents predicting that it will be the towns and villages that are within commuting distance of London that will see the greatest price rises outside of the capital in the next five years. Therefore those people selling their London homes now and moving to the countryside are achieving a fantastic asking price for their home and they will hopefully see their new home rocket in value over the next few years if they buy in a desirable location near to the city.
Market analysts have found that prime house prices in the country are still around 20% lower than they were pre-2007 when the market was at its peak. This is in stark contrast to London house prices, which are now 23% higher than they were before the downturn in 2007. Those deciding to move from the capital now can not only achieve a great asking price for their current home but also purchase a home in the country for a great price too.
For example a property in the country valued at £1million in 2007 would now only be worth £800,000 but a London home valued at £1million in 2007 would now be worth £1.23million. Therefore if someone was looking to move to the country from London back in 2007 just before the crash and then found that they couldn’t sell, they are now around £430,000 better off. This money can either buy you a bigger property in the country than you could have done before or you can buy extra land, always a plus point. The gap between the luxury houses in the capital and those in the countryside are at its widest than it has been for decades, a great opportunity for those wanting to move home to the country.
If you are moving from the capital then you can get a lot more for your money the further afield you go. If you move to the southwest but buy a similar house to the one that you had in London then the price difference could be £425,000 but if you move from London to Wales the difference in the two property prices could be as much as £600,000.
The traditional hotspots of Hampshire, Oxfordshire and Surrey are all seeing the number of buyers moving from the capital into their towns and villages on the increase. It seems that to many people the need to live in London is not as strong as it once was and so people can move further out. This is largely due to the ability of people to work from home due to the explosion of the Internet and the commute being easier than it was decades ago.
It seems that buyers are willing to move around 80 minutes outside of London and still commute. Take for example Charlbury, a market town eight miles north of Oxfordshire. It has benefitted from improved rail services over recent years and Londoners are lured by the excellent Oxford schools and find that moving out here is still within distance of the London commute.
Another area that was often used a second home but is now the main residence of many people is Bath. People often only moved here for the holidays and then moved back to the capital but estate agents are finding that people are now moving to Bath on a permanent basis. Other rural areas further out are also witnessing people moving into the area permanently, such as Cornwall and Devon. These areas were previously thought of as remote to those people used to living in the city but the numbers are increasing because they get so much more for their money when they sell their London homes and move out of the capital.
If you have already found your perfect home and need some tips on moving, heres a great article that helps you plan the move.