COVID-19 has altered our perspective on life in a variety of ways. And among those ways is a fundamental shift in people’s attitude toward their own houses. The dream home for Londoners was also affected as residents were considering migrating to other cities in the UK.
People who live in London make up the bulk of those who work in the city. Before the pandemic and the lockdowns, most individuals in London lived close to their workplaces to reduce travel time.
Recent Changes Housing Demand
Currently, people no longer need to live near their employment since the workplace has evolved to remote working from home.
Last year, roughly 40% of the houses in the UK were purchased by Londoners. Sevenoaks experienced the largest increase (39 %) in properties purchased by Londoners.
The number of properties purchased by Londoners in Windsor and Maidenhead also increased by 27%. Other popular places where people of the capital buy houses include Rushmoor, Oxford, and Eastbourne.
Why are people moving away from London?
Homebuyers in London are increasingly looking for more from their investments. Prior to lockdown, most people prioritized the convenience of their morning commute. Working from home is more prevalent than ever before, and Londoners are shifting their priorities while looking for a property.
Many firms are now employing and functioning entirely online, allowing London residents to receive a lot more for their money in their new houses.
The fact that London home prices are still increasing and the city remains one of the most expensive places to live in the world will come as no surprise to anyone. In London, the average property price is quite costly, and the size is smaller compared to other homes in the UK.
People are now feeling the need to migrate, despite the fact that many residents would prefer to live in London because of its level of growth. According to current figures, many more people may be forced to leave the city’s dwindling population in the months ahead.
Which factors have the most impact on Londoners’ house buying decisions?
About 15% of those seeking new houses outside of the city are doing so because of the pandemic and its long-term consequences. Below are some of the most compelling reasons why people are leaving England’s capital.
A Significant Gardening Area
The majority of Londoners wished to start a garden. As a result, gardens were a top priority for 63% of Londoners who bought or intended to buy a home. A garden is an essential consideration for 19% of those surveyed when looking for a new house.
People were busy indoors during the first few pandemic waves that led to the lockdown. And, although the internet has taken over the majority of the UK’s lockdown life, gardening has become a regular hobby.
Large living room
Most individuals are forced to stay indoors with their loved ones due to the lockdown, and the necessity for additional mobility space became apparent to most Londoners.
It’s no surprise that when looking for a new house, 18% of Londoners choose a larger floor plan. They are likely to acquire a more spacious living place for the same cost by relocating outside the metropolis.
Approximately 43% of purchasers went forward with their purchase because their preferred property met these criteria.
Outdoor entertainment is available
Because most large outdoor entertainment venues were closed due to the pandemic, individuals had to come up with new methods to have fun in their neighborhoods.
Since last year, people in the United Kingdom have been flocking to parks and beaches. On days when the weather is nice, areas like these in the capital are usually packed, making social separation difficult.
When it comes to making a final decision, Londoners are now prioritizing this issue. Around 31% of all homebuyers indicated this was a significant element in their choice, and 14% said accessibility to outdoor entertainment was the biggest factor in their decision to relocate away from the city.
Office at home
Because of the pandemic, most businesses were forced to embrace remote working as a new method, which has since shown to be vital in today’s corporate environment. It’s no surprise that 12% of individuals looking to relocate out of London choose properties with home offices.
Unfortunately, the working environment and approach are inefficient since the employee is unhappy in their workspace. Of course, this has an impact on productivity, which companies and even employees dislike. As a result, the best answer is a good house with a home office for the money.
People may work from any location now that they have more room in their houses for working. In 2020, 36% of persons who purchased a home in the country did so because it had a home office.
Availability of parking
People are now conserving petrol since commuting is no longer as popular as it once was. However, as people drive fewer vehicles, there is a greater need for parking spots. Most individuals prefer private parking spaces and garages to worry about where to park their cars.
They will be able to protect their automobiles better while also lowering their insurance costs. Last year, 36% of homebuyers regarded a private garage as a must-have feature before completing their purchase.
Since the first quarter of last year, the property market in England’s capital has changed dramatically. The pandemic’s constraints impacted Londoners’ choices and eventually molded what most would consider their ideal house.