As London’s cooling down, Surrey’s hotting up

Roly Matthews by Roly Matthews | 14 Dec 2023

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A cooling London property market is good news for Surrey homeowners

First of all, London will never lose its cool.

It’s one of the coolest cities in the world (if not the coolest city). Yet when it comes to the property market, it’s definitely cooling off. And this is good news for Surrey.

According to Land Registry figures, the average sold London property has risen by just over 13 per cent over the last seven years, which (aside from huge inflation eroding any equity accrued) doesn’t sound too bad.

Until you compare it to growth of the average UK property, that is, which amounts to 35 per cent over the same period.

Cool London is definitely getting cooler – but in a different way.

Cities out, suburbs in

As is well documented, one of the things to come out of Covid was a property demand shift that saw interest in cities decline, and interest in suburban and rural areas increase.

As a county situated south west of London that has an abundance of suburban towns and rural areas, all within 15 – 20 miles of the capital, Surrey is perfect for those looking to leave the bright lights in favour of a slower, cleaner and greener space.

With remote working becoming standard practice over the past three years, people have been revaluating their lifestyle and opting for not only more space, but more space for less money.

And, if you’re a London homeowner even the most affluent of Surrey’s locales such as Cobham, Claygate and Hinchley Wood (where property values are still way above the national average) are, in some instances, likely to be perceived as representing good value.

Larger buyer pool

We’ve seen more and more people swap London for Surrey throughout 2023, and this trend is likely to continue throughout 2024.

As a Surrey estate agent that’s long had ties to London (our three offices are in key commuter belt villages), we’re continually building a list of potential London buyers, some of whom have been toying with a move to the ‘country’ for some time.

As the cost-of-living increases and people start to think about reducing their overhead, a move from London to Surrey is rapidly becoming seen as a practical step – and one that also helps people improve their quality of life.

So, if you have a property in Elmbridge that you’re thinking of selling in 2024, then it will be of huge interest to those looking to make the jump from city to suburbs. As a result, why not let us help you market it to a London audience.

We can help you reach London buyers. Find out how by contacting your local Davies Property Partners office to arrange a valuation of your property.

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