It is likely you have read about the high number of London homeowners who are selling their home and moving to the country. Given the time we have endured, you can see why many people are keen to do so.
However, while there is evidence that people are moving out of London, these households might not be moving as far as you think.
There is still a lot of movement in the housing market
A survey carried out by SpareRoom spoke to more than 12,000 users of the platform. 40% of respondents said they plan on moving home post-lockdown, with 38% of respondents who live in London stating their desire to move house after the lockdown.
Matt Hutchinson, SpareRoom director comments: “Over the past year we’ve seen the effect Covid-19 had on London rents, with averages falling consistently in four consecutive quarters. That's driven largely by a drop in demand compared to supply, as renters left the capital during lockdown. At the same time, rents have risen slightly in the rest of the UK.”
Matt continued by saying; “As the country starts to open up more over the coming weeks and months, we'll see pent up demand being released. We'll also see the return of jobs in sectors like entertainment, hospitality and tourism, which London relies so heavily on. Whether that means a mass return to the capital, or whether some of those who left won't return remains to be seen. But we do expect things to shift over the summer.”
Are the suburbs welcoming London leavers?
However, Cory Askew, a respected source in the London housing market believes London leavers aren’t going to the country side, but instead are moving to the suburbs. Cory said; “With lockdown restrictions continuing to ease and property prices in rural areas catching up, we expect an increasing number of house hunters to rethink their move to the countryside and opt for one of London’s outer zones instead.”
Cory concluded by saying; “Outer areas of London have been the main beneficiaries of the SDLT holiday and continue to squeeze the last drops of opportunity out of the incentive before the June 30 deadline with strong buyer demand still very evident across our London office.”
If this is the case, there is a strong argument for Finchley being a destination people from Inner London should look at. We are pleased to say we have welcomed many prospective buyers and tenants to the area, and we believe Finchley offers the best of both worlds for many people looking for a better work-life balance.
There is a strong chance that remote working will become more prominent, and people will not have to spend as much time commuting. However, people still want to feel connected to the heart of London, and it might be that there is still a need to attend the office or meet with clients.
In this case, living in Finchley is ideal, and should help people to make the most of what is on offer around them.
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
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