Kingston property 'recession-proof'
The Royal Borough of Kingston Upon Thames appears to be successfully weathering difficulties in the housing market, Knight Frank is claiming.
According to the Estate Agent, Kingston comes in second place in a list of the ten most 'recession-proof' boroughs in the capital, making it an ideal place for jittery home-hunters and investors to buy property in.
Luke Elwood of Knight Frank's Richmond office, which is responsible for selling and letting properties in the Kingston area, said that there had been a "migration of purchasers" from Central London to the leafy suburb.
"Young families are the key market and the drivers for them are good security and a safe environment, better square footage, good gardens and exceptional schooling," ThisIsLocalLondon.co.uk quoted him as saying.
South London was home to eight out of the ten strongest-performing areas, giving weight to the argument that many first-time buyers are moving further afield in order to escape the capital's soaring property values.
For those who still cannot afford the average asking price of over £350,000 in areas such as Kingston, however, analysts say renting remains the most advisable course of action.
Published 21st February, 2008
© 2008 Estates IT Limited
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The Royal Borough of Kingston Upon Thames appears to be successfully weathering difficulties in the housing market, Knight Frank is claiming.