Property owners moving out of London in search of better lifestyle in provincial towns, it’s claimed

{mosimage}Property owners in and around London are using the economic downturn as an opportunity to escape the rat race and buy more affordable country real estate, according to a new survey.  

There is a clear trend of people viewing the early stages of the recovery as an ideal time to buy into desirable but previously unaffordable country towns before renewed house price growth takes values out of reach once again, according to the research from reallymoving.com.
 
The Norfolk and Suffolk coast, Bournemouth, Dorchester and the West Country, while still as desirable as ever, are now much more affordable than before, accounting for the popularity of areas like Ipswich, Norwich, Bournemouth and Torquay, it found.
 
‘Those who have significant equity are therefore looking to buy now, cashing in on a still buoyant London market and taking advantage of the historically low base rate,’ said director Rosemary Rogers.
 
It also reveals that Inverness is the most popular destination for UK homemovers, which is perhaps no surprise given the city’s reputation as the fastest growing in Western Europe thanks to a range of high technology industries and transport connections which make it a perfect base from which to explore the highlands.
 
In second place is Truro which has long been seen as desirable as a gateway to Cornwall’s charms. London is the least popular place to move, suggesting that homemovers have fallen out of love with the bright lights of the capital, the report found with Uxbridge the least popular area.
 
‘Fearful of unemployment and faced with rising house prices and tightened credit conditions, many white collar city based workers living in the SE, SW and TW postcode areas in South London will have been feeling vulnerable through the recession. These concerns will have led many to leave these fashionable but expensive areas in favour of more affordable commuter towns on the fringes of the M25,’ added xxx.
 
The shortest typical home move is in Halifax at just over 34 miles while residents in Inverness typically move the furthest distance at almost 300 miles. The average distance moved in the UK is just over 70 miles, the research also found.