Londoners cash in and head to the country

Suffolk experiencing a heatwave at the start of October''Pictured: Abbey Gardens
Suffolk experiencing a heatwave at the start of October''Pictured: Abbey Gardens
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RISING property prices in London have led to an increase in city dwellers heading for Bury St Edmunds to escape to the country.

Research conducted by estate agents Savills has shown that Bury is the 19th most popular destination for the increasing number of Londoners cashing in on the capital’s rising property prices and relocating to the country.

The estate agents’ list of the 20 most popular destinations for those leaving the city was topped by Cirencester, Gloustershire, where 32.3 per cent of house buyers came from London.

Bury came 19th on the list with 14.1 per cent of buyers coming from London.

Ipswich and surrounding villages took eighth position, a placing attributed to its quick rail links with the capital.

House prices outside London have failed to recover in line with those in the capital, making this the ideal time for London property owners to sell up and cash in on cheaper house prices elsewhere in the country.

Sue Spencer, who is looking to move from London to Bury with her family, said: “We came through the town on holiday and found it a nice, calm and friendly place.”

“Your money goes further outside of London so you can afford a nice house with a big garden and it’s a nice town with good amenities and schools and you’re not too far from nice coastal moments.”

Oliver Peacock, of Jackson-Stops estate agents in Bury, said: “We do find quite a lot of people moving to Bury from London particularly if they have ties to the area.

“We have been noticing people cashing in on the London market to escape to the country where house prices have yet to recover from the 2007 housing crash.

“A lot of people are getting out of the capital and taking advantage of the good value available in the country.

“People find the home counties very expensive and see Suffolk as better value for money – it does not surprise me that Bury St Edmunds is so popular.”

Research conducted by Right Move has shown that the average price of a house in Islington, North London, is £510,309 where as the average house price in Bury is £208,078.

However, despite a relatively slow recovery, increased interest from buyers has seen property prices in the town rise by five per cent over the last year.

Savills attributed Bury’s popularity with home buyers from London to the area being good value for money but still in a reasonable commuting distance to London as well as having a lovely town centre and busy community.

That view was backed up by the area’s train operators, Great Anglia Rail.

A spokesperson said: ”All the trends show that more people are commuting to the capital from Bury St Edmunds.

“It’s an attractive place to live with good and regular connections to Ipswich and the capital.”