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Upsizing Downsizing?

Screenshot2014 09 24at12.14.13 - Enable FLP

Enable’s Independent Financial Advisors know moving house is not always all about downsizing.  It is  interesting to note that last year 45,000 upsizers moved from the priciest London boroughs to ten other areas that include the likes of Hackney, Lambeth and Ealing, trading in their central location for bigger places on the periphery of zone one or into zones two and three – according to new research from property group, Savills.

It would also seem that the likes of Brighton, Bristol, St Albans and the Cambridgeshire areas that include Bishop’s Stortford are more likely to attract London migrants looking to change lifestyle and leave the capital, taking with them their property-related equity. The cities in the Midlands and the North are less likely to attract such migration. 

The study throws up some interesting migration patterns as the average price of a house in Kensington and Chelsea was £1.7m in 2013, this drops to £767,000 just a few miles down the road in Hammersmith and Fulham, and moves to £649,358 in Elmbridge.  The odds are that those who currently reside in Hackney will move to Haringey, then Brighton.  Those selling up in Tower Hamlets, where the average price was £382,951 last year, are most likely to move to Newham (£232,551) within the M25, and Birmingham if relocating completely (£160,662).

These results Savills suggests indicate that the capital flow leaving London positively impacts on the housing market recovery in other parts of the country. Whether you are upsizing or downsizing Enable’s IFA’s in Bishop’s Stortford are here to help.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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