New research highlights Londoners’ desires to move out of the capital
The housing market in England’s capital has experienced some major changes since the first quarter of last year. The restrictions that came with the pandemic influenced the preferences of Londoners and ultimately shaped what most would call their ideal home.
The majority of people who work in the city are those who reside in London. Before the pandemic and the lockdowns, most people in London lived in proximity to their office to minimise the time they spent commuting.
However, the world has adjusted to a new way of working from the comfort of our homes so people don’t have to live near their workplaces anymore. After ensuring the lengthy closure of tourist attractions and other lockdown restrictions, Londoners have shown their desire to move out of the capital. During the SLDT holidays, more people bought homes outside London.
While some people utilise a no search indemnity insurance to skip the line and push their home purchases, some survivors of deceased people are utilising wills and probate insurance to implement their inheritance for moving out of the capital. Last year alone, the number of houses purchased by people leaving London got a 7.5% increase. Over the past two years, Sevenoaks is the area that has seen the highest rise (39%) in homes bought by London leavers. Londoners who were home hunting bought about 62% of the properties here last year.
There was also a 27% increase in the number of homes bought by Londoners in Windsor and Maidenhead. Rushmoor, Oxford and Eastbourne are other popular areas where homes are being bought by residents of the capital. Since 2019, residents have moved 10 miles on average, away from the capital in search of Londoners’ dream homes.
Londoners’ top reasons for moving away from the capital
About 15% of the people who are looking for new homes out of the city are doing so as a result of the pandemic and its long term effects. Nonetheless, experts predict that the prices of homes in the Uk will drop in 2021.
Here are some of the top reasons why people are moving away from England’s capital.
1. Spacious living area:
The lockdown forces most people to stay indoors with loved ones, and the need for extra space for movement became evident to most Londoners. It’s no surprise that 18% of London residents prioritise a larger floor plan when hunting for a new home. By moving out of the capital, they are likely to be getting a more spacious living area for the same cost. About 43% of homebuyers went ahead with their purchase because their choice home fulfilled this requirement.
2. Access to outdoor entertainment:
With most major outdoor entertainment spaces on halt during the pandemic, people had to innovate ways to have fun within their vicinity. Across the UK, people have been frequenting outdoor spaces like parks and beaches since last year. Areas like that in the capital are typically crowded on days with fair weather, making social distancing a real challenge.
Londoners who are home hunting are now prioritising this factor when making their final choice. About 31% of the total homebuyers stated this factor to be a key decider for their purchase, and 14% said proximity to outdoor entertainment was the main factor behind their decision to move away from the capital.
3. Home office:
Due to the pandemic, most companies had to adopt remote working as a new system, and now it has proven to be indispensable in the present-day business world. It’s no surprise that 12% of people moving out of London are only interested in homes with home offices. With the added space for working in their homes, people can work from any location conveniently. In 2020, 36% of people who bought houses in the country did so because the property has a home office.
4. Parking space:
Since commuting is no longer as common as it used to be, people are now saving petrol. However, the reduced use of cars has lead to an increased interest in parking spaces. Instead of worrying about where to park their vehicles, most people want private parking spaces and garages. That way, they can better secure their vehicles and reduce insurance cost. 36% of the homebuyers from last year considered a private garage to be a necessary inclusion before making their purchase.
5. Large garden:
The relevance of having a spacious garden became more evident during the lockdown, where movements were mostly restricted to our homes. A large garden is an ideal spot for relaxing in nature without leaving the confines of your home.
Besides, gardens make for the perfect playground for children, and London homes typically lack this addition. 19% of the capital residents stated that a bigger garden was the single most important factor to consider while on their home hunt. While 63% of the homebuyers from last year mentioned a garden to be a key factor for their purchase.