intelligence PROFESSIONAL EXPERTISE


Rush on property raises prices L


ondoners are heading West in ever- increasing numbers as the capital and surrounding counties’ bloated property


markets push house prices and rents beyond their reach. And the exodus from London is likely to put pressure on the local housing market as incomers cash in on comparatively lower prices and check out larger properties which would have been out of their price bracket back home. That’s the view of fast-rising Bristol builders


Helm Construction, who say local buyers will increasingly find themselves bidding against wantaway Londoners. Finance director Adam Marks said: “We are


already getting anecdotal information from locals stretching themselves to afford a property – which would appear to be the bargain of the century to a cash buyer from the London boroughs, for instance. “As increased numbers of Londoners become


active in the Bristol and Bath property market, the scales will be tipped against local home seekers and will particularly affect first time


buyers looking to get onto the property market. He added: “According to figures


in the FT almost 300,000 people have left London for places like Cambridge and Dartford – but Bristol and Bath are clearly attractive destinations given the motorway and rail links. “There are also fantastic places


‘Supply is not meeting the


existing demand, let alone increased competition’


to live with a great quality of life so it’s no surprise more people are being drawn here.” But Adam is concerned the latest exodus


from the capital will increase competition for homes in an already flat market and inflate local prices further. “Everywhere you look, Bristol is building – but


the supply is not meeting the existing demand, let alone increased competition,” he said. “While London buyers might energise the local


market and get people moving further up the property ladder, it’s going to make life difficult for those struggling to get on the bottom rung.”


Adam Marks of Helm


Construction


PROPERTY


26 insight SEPTEMBER/OCTOBER 2017


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