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Going south?

5th January 2009 | back to article listings BACK    print this article PRINT

The south-east of England undoubtedly has its attractions, London being just one. While the bright lights of this bustling metropolis draw those seeking greater career options and a busy social calendar, its outer lying counties provide a wealth of charming towns and villages that are a safe haven for families looking for a quieter life. Furthermore, the commuter belt is known for high property prices, as some people seek to benefit from both sides of the coin.

It is perhaps these reasons why the region has seen an influx of 550,889 people from elsewhere in the UK over the past decade. According to new figures from HBOS, the area recorded the highest level of internal migration in the UK between 1998 and 2007, while London's population swelled by 370,000 over the same period. The south-west saw the second highest level of internal migration, with the north-east and the north-west registering declines in numbers.

However, while London's overall population increased by 370,000 during this period, it was the only region to post a loss from net internal migration. The rise in people residing in the capital was helped by an influx in the number of foreigners arriving in the city, with two million new inhabitants landing in London after moving from abroad.

Martin Ellis, Halifax chief economist, stated: "There have been significant population movements across the UK over the past ten years. Regions in southern England saw the largest gain from internal migration with the south-east proving the most popular region for people to move to from elsewhere in the UK."

With all this coming and going, there are likely to be opportunities for shrewd property buyers. But as the market is currently experiencing a downturn, some might be wondering - when is the right time to buy?

Founder and managing director at Wimbledon-based estate agency SW19 Luke Bennett has suggested that such a time could be sooner rather than later. "Historically, property in London and in England is going to increase in value, it is just picking the time. Every market has peaks and troughs; we are in the trough at the moment but it is going to plateau at the beginning of the year," he said.

In fact, the number of new buyer enquiries in December increased by 14 per cent, according to recent figures from the Royal Institution of Chartered Surveyors, while the number of surveyors reporting house price falls dropped. Therefore it is certainly possible that the opportune moment to head south could be just around the corner.

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