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Country market stronger with greater demand and healthy supply

Balfours’ London office has seen a 37% increase, in the last two months, of prospective buyers looking to move out of London; a surge driven by a cocktail of global and local factors, according to head of sales at Balfours, Tim Main.

The initial catalyst to the increase was the stabilising of the London market and the Prime Ministers’ announcement of the referendum on our EU membership. Other underlying factors contributing to the switch, from the capital as a sellers’ market, to a buyers’ market, include global economic turmoil, increase in stamp duty in 2014 and 2016 and the fall-out from the Panama papers.

Tim Main explains: “Our London Office research has revealed that the majority of applicants move out for their children, either for schools, or a better quality of life. However, affordability and lifestyle change have jumped up the list.

“Other factors are modern mobile technology enabling greater flexibility to work from home, part or full time. People are also realising London is increasingly congested meaning it can take less time to commute from the country than from their existing London base. It is fact that some London journeys are taking longer today than they did a century ago.

”Director at the London office, Bob Bickersteth comments: “The country market is much stronger, with greater demand and a healthy supply of properties – the surge in enquiries is good news for rural counties, such as Shropshire.

”Tim adds: “In recent times we have been able to achieve sales with London buyers who are on a mission to make the next chapter in their lives happen. Next week we hope to build on the drive for rural retreats when we will be attending ‘The Move to the Country Show’ at The Chelsea Old Town Hall. Here we expect prospective buyers to be seeking the spectrum of country properties, from country estates and rectories to farmhouses and cottages.

This year’s “Move to the Country Show” will take place on Thursday 28th April 2016 between 2 and 7pm at The Chelsea Old Town Hall, London, SW3 5EE.

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