Thinking of ditching the Big Smoke for a bigger home in the ‘burbs? You might need deeper pockets than you thought!
Londoners have always fancied a bit of extra space. But with house prices in towns and suburbs shooting up, bagging that dream home outside the capital is getting tougher.
New research from Hamptons estate agency reveals that this year, trading in an average London house (costing around £505,153) for a place in a town or suburb will only get you an extra 308 square feet.
That’s almost 100 square feet less than you would have snagged just a decade ago – and the smallest gain since 2008!
Smaller Gains, Bigger Prices
So, why are we getting less bang for our buck?
Well, it’s not just London prices that are soaring. Since 2008, average prices in towns and suburbs across Britain have actually climbed faster than in the capital – by 81%, compared to 79% in London.
This means that even if you’re armed with a hefty budget of £1 million to £1.5 million, you might still need to stretch to find that spacious haven within a reasonable commute.
Essex – The Londoner’s Escape, But at a Cost
Take Chigwell in Essex, for example. This swanky town, just a Tube ride away from central London, has become a magnet for Londoners, with a staggering 74% of buyers coming from the capital.
But here’s the catch: the average property price in Chigwell is now even higher than in London! And while you might snag a swanky pad, be prepared to downsize to a terrace, as most homes sold in Chigwell last year were smaller than their London counterparts.
Don’t despair just yet! There are still pockets of affordability to be found. Areas like Limes Farm Estate and Manford Way offer three-bedroom houses for under £400,000, making them a hit with savvy London buyers.
Further Afield, More Affordable… and Further to Commute
If you’re willing to venture further afield, Colchester and its surrounding areas offer a more affordable option, with average house prices around £324,854. But be prepared for a longer commute!
Jo Berner, who recently swapped Upminster for a three-bedroom house in Mersea Island near Colchester, couldn’t be happier.
“Prices in Upminster were extortionate,” she says. “I’m at my happiest by the sea, and we get beautiful sunsets across the island.”
Surrey – Close to the Capital, But Pricey
Surrey hotspots like Esher and Epsom remain popular with Londoners, but come with a hefty price tag. The average house price in Esher has now smashed the £1 million mark!
Going Further to Beat the Mortgage Crunch
With mortgage rates still high, many buyers are searching further afield for affordable homes. And that means looking beyond the usual commuter hotspots.
Stroud in Gloucestershire, a picturesque town just over an hour from London by train, has seen a surge in London buyers. Here, a three-to-four-bedroom Victorian semi-detached house can be snapped up for around £650,000.
Grantham in Lincolnshire, once known as Margaret Thatcher’s birthplace, is another town attracting Londoners seeking better value for money.
Countryside Dreams Still Offer More Space
So, while escaping to the suburbs might not get you as much space as it did a few years ago, there’s still hope for those seeking room to breathe.
Heading for the countryside? Now that could double the size of your home!
Hamptons reports that the average Londoner moving to the countryside this year could gain 1,243 square feet.
Will the Gap Widen Again?
With London property prices predicted to rise faster than the rest of the country, that dream of a bigger home might become even more attainable for those willing to make the move.
So, while leaving London is more expensive than ever, it seems that age-old desire for more space might just tempt even more Londoners to pack their bags and head for greener (and hopefully bigger!) pastures.