PROPERTY WINNERS AND LOSERS
|Just capital - Londoners are moving out of the city|
There's a new wave of people moving out of London and buying houses
in the South East.
So what are the implications for home owners
who already live in the green and pleasant pastures of the South East?
Out investigates the region's new housing hot spots.
Living in London
isn't always all that it's cracked up to be.
There's the crowded public
transport system, the crime, the pollution, the overcrowding, the heavy traffic
and the congestion charge.
But Londoners are cottoning on to the fact that
there's a much more pleasant place to live very nearby - the South East of England.
The houses are cheaper, the air is fresher and
there's plenty of
space to spread your wings.
So it's no surprise that Londoners are selling
their houses and buying a much better property and lifestyle for the same money.
Pushing up prices
There's nothing new in the surge to move
South East - Londoners have been doing it for years.
But it seems that
now there another wave of Londoners heading this way in search of a better life.
|Greenshifters are looking South East for property|
And this is affecting existing homeowners because it's pushing up house
prices in the South East.
The Office of National Statistics monitors how
many people move in and out of London.
They found that in 2003 a balance
of 113,400 people left the capital, and we can be safely assured that a substantial
number moved to the South East.
The newcomers have been dubbed "greenshifters"
because they're shifting from the dirty streets of London and moving out to the
tranquil green pastures of the South East and the coastal areas of Great Britain.
These new greenshifters aren't just moving in terms
of getting a better value property, but they're getting a better quality of life.
in East Sussex is home for the King family, and their three children - Henry,
Bronte and Francesca.
The Kings bought their current house for £140,000
eight years ago.
They're now selling the house for £495,000, making
a considerable profit.
In fairness they have spent a lot of money on
the renovation of their property, but nevertheless, it's a tidy sum.
John Wrigglesworth, a Property Consultant, explains how the
market is changing.
|Property - The Facts|
2005 house prices in the South East are:
- Detached: £359,877
- Terraced: £175,077
- Flat: £145,832
2005 house prices in Greater London are:
- Detached: £569,338
- Terraced: £278,094
- Flat: £239,316
- Source: BBC News
"The winners are those
who've got property. Either they've got property or they're buying it right now.
"The losers though are the people who are not in the position to buy
It's the prospective first time buyers who've been saving up who
will be hit hardest in his opinion.
"People who live out in Kent and
Sussex who have been saving up, who will now start seeing house prices outpacing
"It will make it more and more difficult to get on
to the first rung of the ladder."
First time buyers
at the bottom of the housing chain who can't afford to buy a flat, it's a huge
One option for them is to lower their sights and buy part of a
flat - it's called co-ownership.
Sarah Douglas and Christopher Barber from
Ashford are first time buyers.
These days it almost goes without saying
that they can't afford to buy a flat of their own. So they've turned to a housing
association for help.
So Sarah and Chris' only option is to buy half of
a flat and pay a minimal rent to the housing association which owns the other
So if you're a first time buyer, part ownership
with a housing association may be a good option.
But if you're one of the
lucky ones, you'll be further up the property ladder.
Your house will have
increased in value over the years as money trickles out of London.
want to sell up and pocket some of the cash, you might be looking for a cheaper
place to live.
|Letting and Co-ownership are options for some |
So where are the best bargains in the South East?
to the Halifax Building Society, Margate is currently the place with the cheapest
average property price.
The National Association of Estate Agents agreed,
and also recommended Maidstone.
For an example a three bedroom terrace
house in Hedley Street, within walking distance of Maidstone East station has
a guide price of £145,000.
Other experts point to at Hastings as another
possible bargain location.
A top floor, one bedroom flat in Stockleigh
Road, Hastings is currently on the market for £79,950.
although the money is being made in London, it's being spent in the South east.
Some experts predict the effect will be to push prices up faster than in
Experts predict that prices in the countryside are going to
increase relatively more than in London.
|Winners and losers - are you a property climber|
So people moving out now and those already living in the countryside
are likely to see the benefit of price rises - and these could be two or even
three times higher in terms of price changes than they'll experience in London.
the London greenshifters could be doing the South East a favour, but only if we
own a property.
The message is clearly to get on the property ladder as
soon as possible and keep climbing, any way you can.