Why are more Londoners wanting to move out of the capital? Recent data reveals the reasons why

The pandemic that took the world by surprise has been the driving force behind several industry changes since early last year. Real estate in London is another area that has endured some adjustments following the lockdown and closure of tourist attractions, and we will examine these changes throughout this article.

As mentioned by recent data seen at www.lawsureinsurance.co.uk/londoners-dream-home/, most people working in London are hoping to reside closer to their workplace and minimise their commuting time. As remote working has become accepted as the norm in most businesses, people now have the freedom to live in a separate vicinity from their job location.

Many Londoners have been moving out of the city since the pandemic, and it's as a result of rearranged priorities. The majority of the new homeowners made their purchase during the SLDT holidays. On one hand, some people push for purchase and essentially jump the waiting line by using a no search indemnity policy. Also, some people utilise wills and probate insurance to move away from London after the loss of their loved ones.

According to recent data, there are some trends in the purchase of homes by London leavers worth reviewing. For one, many people living in the capital have always considered moving out for other factors besides the pandemic. In 2019, about 550,000 more people moved out of London than into the city. This shows that international immigration and the emergence of younger people are largely responsible for the population growth in England's capital. 

Last year alone, about 7.5% of the homes purchased were by London leavers, which is the most it has been since 2007( about 8.2%). The area with the biggest shares of houses sold to them is Sevenoaks (up to 62%). From 2019 till the previous year, Sevenoaks saw a 39% increase in the properties bought by Londoners. There was a 27% increase in these homeowners in Windsor and Maidenhead, as well as a 17% increase in Oxford. Eastbourne and Rushmoor both witnessed a 15% increase in the number of homes purchased by people moving from London.

Reasons why Londoners are moving out

Recent data shows that 46% of people who are looking to buy homes want it to be located outside London. Those who are looking for new homes outside the capital tend to prioritise some factors, and here are the key ones.

1. Proximity to outdoor space:

One challenge that people faced during the pandemic was to discover new ways to entertain themselves as travelling was off-limits, and most entertainment facilities were closed or allowed for restricted use. Over the last year, people began to grow their interests in outdoor entertainment spots like beaches and woodland parks.

It's not that London lacks these facilities, but they are typically crowded, which makes social distancing a lot harder. Many people moving out of London are going to neighbouring cities with proximity to outdoor spaces. About 31% of the total home buyers named this factor to be key in their purchase, while 14% consider it to be the most important reason for moving out.

2. Larger homes:

The lockdowns that occurred throughout the previous year compelled families to stay indoors, and the need for bigger living areas became evident to most people like in London. About 18% of the people residing in England's capital prioritise a bigger living area in their search for a new home. Of the home buyers, 46% mentioned this factor as the major driving force behind their purchase.

3. Spacious garden:

One common problem that London homes have is their lack of garden spaces. It is unlikely for homes in the capital to have spacious gardens where kids can run around or where you can relax in nature. About 19% of people residing in London consider a spacious garden to be a compulsory addition to their new homes while 63% of the homebuyers in 2020 mentioned a large garden to be a key factor in their decision.

4. Parking Space:

Last year, 36% of home buyers thought that a parking space was the most important thing to consider during their purchase. It's not hard to agree with them since the lockdowns reduced the commuting period for cars and increased the need for car parking spaces. You can remove the worry of looking for a parking space when your home has a garage or private parking space. That way, you can also increase the vehicle's safety which in turn minimises the insurance costs.

5. Home Office:

21% of the residents moving out of the capital are looking for homes that primarily have home offices. Remote working has become a business lifestyle following the lockdown, and it has become necessary for most people to have home offices. That's why about 36% of the people who bought homes last year focused on finding one with a home office before making the purchase.

Homes that satisfy all these reasons tend to be outside the budget of most prospective home buyers. This is especially true considering that house prices rose sharply late last year. However, these factors indicate the changes the pandemic borough has made in the housing market.