City dwellers flee London for greener pastures

Claire Small
Authored by Claire Small
Posted Thursday, October 29, 2020 - 5:22pm

Many city slickers are looking for a change of scenery post-pandemic, demonstrating a preference for properties out of the city.

The race is on

Preparation for a second lockdown is rapidly shifting the UK’s property market. Properties are disappearing fast as buyers look to expand their space, both inside and outside. 

According to Rightmove, the average window of time to sell a home over £1m has dropped from 81 to 63 days. These figures are despite a 5% increase in the average housing price between 2019 and 2020; the fastest rate of increase in 4 years. The sudden surge is partially due to many postponed moves as well as the temporary stamp duty reduction. 

Commuter belt 

London is no longer the centre of the universe with people looking to move out to the surrounding commuter towns. Winchester, Oxford and Cambridge are all experiencing a far greater demand than normal. Over the course of summer, inquiries for properties in Winchester increased 19-fold compared to the previous year. Carter Jonas estate agent reported a 700% increase in inquiries from Londoners looking to move to Oxford; the figure for Cambridge was close behind at 460%. This was not just true for the South of England. 

Commuter towns around other business capital, Birmingham, have seen increased inquiries from people looking to move away from the city centre. Consequently, house prices in these commuter belt towns are up by more than 5% year-on-year during the third quarter. 

Fresh air and outdoor space

After so long cooped up in our houses, it is unsurprising that properties boasting outdoor space are the winners. People are beginning to favour ground-floor properties for the first time in renter history. 

Additionally, properties with gardens or outdoor terraces are experiencing a huge surge in demand. This is partially due to health reasons and a preference for isolating somewhere with cleaner air. Many are opting for a larger amount of space;  with houses now fulfilling the role of school, office and living area for many, affordable space is more important than ever. 

The halcyon idea of a house by the sea is becoming a reality for many, with a particular pull to the South-Western reaches of England. Exeter-based estate agent, Strutt & Parker, have experienced a huge surge in demand as city-dwellers flock not only from London, but also Bristol, Birmingham and Manchester. 

Additionally, there are a number of house builders who have expanded across the south-coast including Griggs and LiveWest, who announced the development of 380 new homes in Exeter to start this year.

Falling out of love with London

Data from estate agents across the UK are showing a shift away from London. With a lack of young professionals and international students, many areas of London have been rendered as ghost towns. Shaftesbury, London-based commercial landlord, reported one-fifth of its 662 flats are currently empty. This trend can be seen over all parts of London. However, the largest population looking to up sticks is South-West London with 37% looking to leave. 

Residents of Battersea and Wandworth are seemingly some of the keenest to leave. The suburbs, formerly not as trendy, are now back in fashion - especially the areas around one hour from the city. This is reflected in house prices with an estimated 20% drop in rent for flats in some areas of central London. Conversely, prices are rocketing in the commuter towns.

 

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