Published: 17/06/2021
If you have read anything about the property market in and around London of late, it is likely you have seen that people are leaving the capital. At BR Estate Agent, we know there is a lot of activity in the housing market, and it is understandable that some households are keen to exit the capital.
The initial study we look at highlights some a study which suggests people are moving out of London. However, while there is a feeling that people are heading to the country, there is a further analysis which suggests people are heading to the suburbs instead.
This is of far greater interest to us, and the people who use our services.
If you are looking to move in, around or out of Bromley, we can help you with the next step.
Are people leaving London in high numbers?
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.
- 76% of respondents said they intend to move out of their current town or city.
- 77% of respondents from London say they plan to leave the capital entirely.
- For the first quarter of 2021, the level of demand v supply for London was down by 23% compared to the 2020 figure.
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 known-name 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 you are looking to make a move in the Bromley property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone your BR Estate Agent on 020 3633 8620 from 9am till 9pm seven days a week or visit our website www.br-estateagent.co.uk for more information.