Buyers opting for suburbs over London

Posted: 15 Feb 2008 10:26:26 GMT


            Property News - Buyers opting for suburbs over London

An increasing number of people are choosing to buy properties in the suburbs rather than in London.

An increasing number of people are choosing to buy properties in the suburbs rather than in London.

That is according to Savills, which said that many homebuyers are attracted to the cheaper property prices in these areas.

In addition, the firm highlighted that many suburbs now have a "sexy" image, which attract buyers with their way of life.

"You have the really sexy commuter areas where people are going to move to for quality of life. That would be your traditional commuter areas, the likes of Sussex and county and partly Surrey," said Savills' director of residential research Lucian Cook.

"We are definitely seeing an increase in commuting levels and we are seeing the greatest increase at the edge of the commuter limits. Our key stat is that for every extra minute you have to travel, that knocks £1,000 off of the average house price.

"It is £1,000 cheaper but you have to travel for an extra minute, effectively. People are increasingly looking at that kind of trade-off," he continued.

The latest Financial Times House Price Index revealed that annual house price inflation in London was 14.5 per cent in January.

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