- Home seekers are returning to the city in favor of better services and facilities
- During the pandemic’s ‘race for space’, buyers flocked to rural and coastal areas
- The number of Londoners leaving the capital to move elsewhere fell in 2023
A large proportion of home seekers avoid the countryside and return to the city for better services and facilities.
Property experts said there had been a “return” to city living after the so-called “race for space” during the pandemic, when they shunned urban areas in favor of rural and coastal locations after several lockdowns.
Jonathan Rolande, from House Buy Fast, said: ‘We have certainly noticed a return to city living, which waned during the pandemic.
‘Between 2020 and 2022, many people were looking for more rural and remote homes as employers were very relaxed about working from home.
According to real estate experts, house hunters are returning to urban locations after the pandemic
He adds, “Now, with the return to the office, the city assets are back for good. The challenge, of course, is being able to afford one. But one consequence of this is that we could see prices of homes outside urban areas fall.”
He suggested the return to the city marked a shift in buyers’ attitudes as they sought better services and amenities, such as improved broadband and transport connections.
It follows findings published late last year by estate agents Hamptons, which showed that the number of Londoners leaving the capital to move elsewhere in Britain fell significantly by 2023.
At the time, it was claimed that Londoners would spend a total of £28.7 billion on housing outside the capital by 2023.
It’s a drop of 41 percent – or £20.1 billion – compared to the £48.8 billion recorded in 2021, when emigration peaked.
Some real estate experts also said there has been a shift among buyers, who have been reminded of the value of city living.
Guy Meacock of buying agents Prime Purchase said: ‘Being stuck in a city flat with no garden during Covid has been particularly tough, when there’s no point in having all the amenities of city life on your doorstep if you can’t. access to them.
“Those who did it as a sort of knee-jerk reaction now think it can be lonely in the country, especially now that cities are returning to normal and everything is opening up again.
‘It’s an age-old dilemma – if you’re rich enough, the ideal is to have a foot in both camps – urban excitement and rural peace and quiet. But most don’t have the luxury of affording two holes.
‘The importance and value of being with people cannot be overstated. If that means less space and a smaller garden, then there is something to be said for that.’
Guy Meacock, of buying agents Prime Purchase, explained that if you’re wealthy enough, the ideal is to have a foot in both property camps: urban excitement and rural peace and tranquility.
Hamptons revealed the number, proportion and total value of homes bought outside the capital by a Londoner
Meanwhile, north London estate agent Jeremy Leaf said: ‘Many businesses are in favor of full-time office working, even though there is a reluctance among some employees who have tasted life away from their desks during the pandemic to re-engage with the office fully .
‘The need to be in the office more has resulted in an increase in demand for city properties, which has inevitably had a knock-on effect on values, although not yet as strong.
“Those who rented out their properties instead of burning their bridges and selling during Covid have done well because they managed to hold on to their values.
“Meanwhile, those who have sold their mortgages and are trying to get back in are having a pretty tough time, especially those who took advantage of very low mortgage rates a few years ago when they hit rock bottom.
‘Now they are faced with significantly higher mortgage costs, higher house prices and higher costs of living.’