Since March last year, there have been some major changes experienced by the housing market in London. Londoners’ homes have gone through some trends other than the extensive closure of tourist attractions and the Westend, as well as the obvious lockdowns. This article will look at some of these trends in-depth. Workers in the city typically consider the capital to be an ideal living location.
For this reason, many people living in London happens to be workers in the city who are looking for a place of residence closer to their workplace. That way, they can reduce the time for commuting between home and work. However, people do not necessarily have to live close to work as several companies worldwide are adopting remote working to be a permanent fixture in their industry.
Following the pandemic, Londoners are moving out of the city in line with their priorities so they can enjoy the benefits of working from home. More people thought it was time to move out, and they bought homes during the SLDT holidays. Of course, some people are deploying a no search indemnity insurance title protection to push their purchase through and bypass the queue.
On the other hand, there are survivors of deceased people who are deploying wills and probate insurance to use their inheritance for moving to the locations where you can find some of the dream homes for Londoners.
In 2020, London leavers purchased up to 7.5% shares of homes that were outside of the capital, which is the highest level since it was 8.2% in 2007. The largest increase in shares of purchased homes took place in Sevenoaks, where Londoners bought 62% of the homes in the area (39% increase over the last two years). Other areas that saw an increase include Windsor and Maidenhead (27%), Oxford (17%), and Rushmoor (15%).
Many Londoners have, on average, moved to locations that are about 41 miles away from the city since compatibility is no longer as important as space to most people.
Londoners’ Top Reasons for Moving to their Dream Homes
In search of their dream homes, most London leavers have some factors they consider before moving. Let’s go over the top motives.
1. Parking Space for Vehicles:
The incorporation of remote working into the present-day working system has increased the need for parking spaces since cars are doing less commuting than typically. Nonetheless, it’s noteworthy that people are spending less on petrol since their cars see minimal action. People are looking for homes in areas where they can securely park their cars in private garages or parking spaces.
That way, they can minimise insurance costs. Each year, about one in 400 insured homes has a property damage claim because of a case of theft. Last year, about 36% of people looking for homes to buy stated parking space as the most important factor in making their decision.
2. Large Garden:
People began to see the importance of a bigger garden during the lockdown, where movements were majorly restricted to the confines of our homes. A large-sized garden can be beneficial to both grown-ups and children for relaxation and recreational purposes. It is typical of London homes to lack gardens; hence it should come as no surprise that 19% of Londoners mandate a garden in their dream homes. On average, homebuyers in 2020 highly prioritised a large garden when making their decisions.
3. Proximity to Outdoor Area:
Following the pandemic, people have been innovating new ways to entertain themselves, especially since most entertainment areas are closed or permitted to handle a limited capacity and foreign vacations are out of the question for now. The past year saw an increase in the popularity of national parks, beaches, and other outdoor spaces across the UK.
However, the need for social distancing while enjoying such areas can be had to fulfil in London spots since they are typically crowded. A property’s proximity to outdoor entertainment areas is one of the main factors that London leavers are considering before buying new homes in neighbouring cities, as mentioned by 14% of them. Of the total people looking for new homes, 31% declared this factor to be the most important one.
4. Bigger Living Space:
Last year, people spent more time in their homes than outside. It’s not hard to see why 18% of Londoners want a bigger living space in their new homes. More people are moving to areas outside the city to buy bigger homes for the same money. About 43% of new homeowners prioritised this factor during their purchase.
5. Home Office:
As remote working became more popular throughout 2020, people had to squeeze out working areas at home. That’s why a home office is another key motive that new homebuyers have for moving out of London. About 12% of Londoners stated this factor to be the most crucial one in selecting a new home. On average, 36% of homeowners placed a high priority on a home office when buying their houses.
Although these factors may typically incur more cost to prioritise during a home purchase, they represent some of the ways that our lives have been shaped by the happenings of last year.