Assetz® News » HOME | RSS Feed FEED | LIST ALL ARTICLES | ASSETZ HOMEPAGE
Investment Property News from Assetz

Assetz® Property News Service

Living lavishly

8th January 2009 | back to article listings BACK    print this article PRINT

As the ongoing recession continues to create more misery-laden headlines, one might be forgiven for thinking that now would be a bad time to buy a new home in the country. However, according to one estate agency, the move away from the bright lights of the big city is exactly what many professionals in London are considering for 2009.

Barton Wyatt, an agency based in Surrey, has suggested that the high-end property market in counties surrounding the capital may hold firm during 2009 while other areas of the UK are likely to see a continuation of falling house prices. It noted that buyers of £2 million properties may not be as badly affected by the credit crunch compared to those at the lower end of the property ladder, likening the strength of the luxury homes market to that of the luxury car sector, which has shown resilience despite the slowdown.

According to the firm, buyers of international business class are still interested in purchasing lavish abodes - and they are more likely to be cash buyers. Senior partner for Barton Wyatt James Wyatt stated: "Although property acquisition at the lower end is expected to suffer from falls in confidence and lower lending, the higher end market will at least retain some buoyancy."

Mr Wyatt pointed to the extra living space and garden space that can be purchased in the commuter belt, as housing per sq ft is cheaper. He added that house prices in London have dropped less compared to elsewhere in the UK - something that could prompt professionals in the city to up sticks.

"With traditionally high prices, the Virginia Water area has proved itself to be the ideal place for corporate and international businessmen and it is unlikely their spending habits will be altered completely as a result of the economic downturn," he said.

In fact, the south-east was recently named as the most desirable region of the UK to move to from elsewhere in the country. Figures from HBOS revealed that the area recorded the highest level of internal migration in the UK between 1998 and 2007, followed by the south-west. Furthermore, London was the only region to record a net loss from internal migration over the same period, with 344,558 leaving the conurbation for a new place of residence within the UK.

Thus it is possible that the top end of the market has a large part to play in the improvement of property sector.

"Although many effects of the current climate will be noticeable during 2009, I don't think there will be a complete collapse in the housing market as many predict," Mr Wyatt concluded.

Assetz® is a UK and International Property Investment Specialist. Please visit our property sites shown below.

Assetz for Investors UK Assetz Hotels Assetz Homes Assetz International Assetz France Assetz Spain Assetz Cyprus Assetz Germany Assetz Portugal Assetz Ski Assetz Cape Verde Assetz USA Assetz Finance Assetz Fund Management

Accessing the news service

You can view all of the Assetz® UK, International and UK Property Investment Articles and News here.

We also provide an RSS Feed Feed of the news service, or you can view all articles. Click here to view more information on RSS readers and how they make reading online news more convenient.

eXTReMe Tracker