
The rules for those embarking on the popular London-to-country move have changed, says Michael Fiddes, Head of Agency at Strutt & Parker.
The rules for those embarking on the popular London-to-country move have changed, says Michael Fiddes, Head of Agency at Strutt & Parker.
The migration of property owners from London to the country is a
long-established phenomenon, particularly for growing families who
want a slice of the rural lifestyle. This urge to move is a very
influential factor in the market and is a hugely important
factor in keeping London and country sales ticking over.
As families expand, demand for space increases, and children
prepare to move school. City dwellers start their calculations
- for example, how much they can get for their money against the
length of a commute. Some will have a specific destination in
mind. Others will need expert guidance on which areas fulfil
their important criteria.
But while this traditional exodus has traditionally underpinned the
country property market, particularly in the Home Counties, the
rules have now changed in one important respect. Thanks to the
current disparity between the quick-fire London market and the more
hesitant out-of-London scene, London buyers in a good property are
now considered by sellers in the countryside as a good prospect -
and are securing exclusivity deals - even before instructing an
agent on their own sale.
Provided their own home is a good prospect, the speed at which
transactions are being done in London means that they can be
considered proceedable. Many sales are now being started on
this basis.
For vendors in the country considering accepting offers of this
kind, it is essential to be with an agent who properly understands
a buyer's situation. It can be the difference between a good
sale and "the one that got away".
Recently, Strutt & Parker has put together a number of deals of
this kind, in some cases ultimately handling both ends of the
transaction. Our country negotiators often have many years'
experience in London, and vice versa.
Along familiar migration routes - for example from Fulham to
Hampshire - we will have a detailed grasp of which areas London
buyers will want to look at, and whether where they are selling is
likely to perform well and quickly. By encouraging the right
London buyers to make offers, we can start the ball rolling where
it would not otherwise have done.
A London buyer still waiting to instruct may in some cases be an
even better bet than a cash buyer sitting in rental property, who
is more likely to be playing the field. London buyers who put their
house on the market on the strength of wanting something they have
seen are extremely likely to remain committed to that deal.
This is particularly true now that Londoners who used to take more
than one step on the ladder before arriving at their long-term
family home, are now looking to achieve it straight from London, to
avoid multiple stamp duty costs.
An estate agent with a strong presence in London and a
comprehensive country network will be in a much better position to
fashion a deal in which both buyers and sellers have confidence. In
today's unpredictable market, it is an essential talent.