Londoners 'looking to home counties for homes'

A recent fall in the cost of homes in the home counties has led to an increasing number of Londoners opting to live there rather than face the higher costs of the capital, it has been reported.

Liam Bailey of estate agency Knight Frank told the Financial Times the situation where property values took longer to fall in the home counties than in London has reversed, making the former region cheaper.

"Pricing in London has held up better than elsewhere and those who cannot afford to buy in the capital are moving to take advantage of falling prices elsewhere," he commented.

Those keen to find a home outside London who cannot spot the right dwelling for themselves may decide to self build their own instead.

Figures from Rightmove today showed that London prices are dropping faster than the rest of the country, but the website said the capital is still "playing catch-up" with the rest of the country.