Managing Director of Millwood Designer Homes, John Elliott, discusses the increasing popularity of Kent amongst homebuyers that are priced out of London.
The trend to quit London has become widespread in recent years, with an increasing number of buyers leaving over-priced homes in the capital to get more for their money on the Home County commuter belt. Without regulated landlords or a fair ratio between house prices and annual incomes for London workers, it comes as no surprise that more people are packing up and turning their back on the city.
According to research by Hamptons International, almost 94,500 people made the move out of the capital to the countryside over the past year – the highest number since 2007. Unfortunately, I believe it will be a long time before the London market returns to stability, creating a clear division between the London market and the wider South East, which continues to perform well in contrast.
A common theme among the leavers’ destinations is higher quality and better value homes. In Kent, Millwood’s heartland, the market remains fairly steady and continues to attract further leavers from London. Canterbury, Dartford and Sevenoaks are reportedly amongst the most popular hotspot destinations for ‘escaping Londoners’ who have grown tired of swollen property prices.
As this exodus from the capital continues, homebuyers are drawn to Kent as a favourable choice for a number of reasons. The advantage of better value property is luring many purchasers out, in search of more space and a convenient commute for those who work in the city. Kent is home to a selection of well-known commuter towns and more homebuyers are recognising the benefits of moving to smaller villages that still have convenient rail and road links. As well as excellent connectivity, Kent has a lot to offer; beautiful towns and villages, green countryside and excellent schooling options, to name a few.
At Millwood, we have a selection of current developments located across Kent already proving popular with London leavers. At Windsor Meadow in Marden, for example, 90% of our homebuyers are looking to commute into the capital from their new home, thanks to its excellent location and transport links. We also have some exciting new developments coming this year across Kent including sites in Canterbury and Cliffsend.
All of these factors contribute to a positive outlook for the property market in Kent and offers a location where London leavers will continue to benefit from favourable market conditions.