London is currently experiencing its highest levels of young professionals from migrating out of the capital and to surrounding areas along the commuter belt in an effort to avoid high house prices.
Recent figures show that over 30,000 people aged 25-34 have moved out of the capital and that a net reduction of 21,000 people aged 25-29 is the biggest decline in over 20 years.
“Young people and increasingly middle-aged and older people too, are tearing their hair out over the cost of housing in the capital and, as a result, too many are seriously considering a future away from the city,” remarks Jasmine Whitbread, chief executive of London First.
Although first-time buyers are growing into the housing market, as well as completed mortgages reaching a three-year high, younger property buyers are looking to get the most for their money.
Despite stagnating and falling London house prices, the capital remains incredibly unaffordable for those looking to get onto the property ladder for the first time. The result has seen over counties thrive in an uncertain property market, as Essex and Hampshire continue to experience a market boom.
Hunter Finance looks at other counties that are certainly worth researching further when it comes to property development. Hertfordshire is another county that, situated just outside of London, is welcoming commuters, young couples and families looking to avoid London prices whilst remain well-connected to the city.
Hertfordshire experienced it’s biggest increases in property-type sales for semi houses (32% increase) and terraced/townhouses (36% increase). If the right type of property is available at an ideal price, it’s guaranteed to receive an offer from young families and first-time buyers. Top 5 factors that affect property value.
Located just north of London, Hertfordshire boasts strong travel connections with the capital, with a number of principal roads passing through it such as the M1 and M25. Furthermore, Watford Junction operates high-speed train services that get commuters into London Euston within 25 minutes.
Boarding thriving counties such as Essex and Bedfordshire, Hertfordshire is quickly becoming a hub for young couples and first-time buyers. What features will sell your property?
There are a number of places across Hertfordshire that are currently experiencing high property market activity.
St Albans is a historic, bustling city within the London commuter that certainly attracts younger families looking for good access to respected schools, outdoor areas and a quick commute into London.
With a population of around 80,000, St Albans certainly has a big city, close community feel to it. As first-time buyers look to take advantage of Brexit uncertainty, find out why St Albans could be an ideal location for property development. Read more.
Officially recognised as Britain’s first new town back in 1946, Stevenage is a historic place in Hertfordshire that certainly has a lot of character and community activity that attracts families.
With a £19m investment drive to renovate and redevelop the town centre, Stevenage certainly is an exciting opportunity for property developers and home-buyers looking for the perfect location among the London commuter belt. Click here for more information.
Watford boasts a population of over 130,000, making it Hertfordshire’s largest town and settlement. Located just 15 miles away from the capital, it’s a London commuter paradise for those looking to use the train, bus or travel by car.
A number of property developments have occurred around this thriving town, hoping to capture the attention of young professionals looking to live in a youthful, vibrant area that’s closely connected with London. Find out more.
Hunter Finance offers fast and flexible finance to property developers all over Essex.
We lend to a wide range of people, including:
60% of the commercial value of the properties on completion plus 100% of the build costs. You can borrow between £100,000 and £2.5m.
If you would like to find out more about our property loans for your project, please call 01825 749721.