At Stones Residential, we love London, and we love Stanmore. We believe there is so much to like about local life, but we appreciate the impact of 2020 has left many people considering their options in the housing market.
There is nothing to worry about when it comes to the London housing market. The demand for homes in the capital remains in place, and there will likely be a lot of movement in and around London.
However, it would be wrong to dismiss the significant numbers of people looking to leave London. If you own property in or around Stanmore, and you are considering your options, we would love to connect with you.
Trust an estate agent who loves Stanmore
We are more than happy to sing the virtues of Stanmore, but we appreciate for some households, it is time for a change. If you plan on selling your home, you need to connect with buyers, and who better to help you than an estate agent who adores Stanmore and this part of London?
Recent research suggests that for 2020, households leaving London bought 73,950 homes outside of London. This is the highest level in four years.
Covid has shifted buyer demand
There is no denying the impact Covid-19 has had on the housing market. With remote working likely to become a key feature of everyday life, there will be people looking to leave the city behind, setting up home in a more rural setting.
The study found that in the opening half of 2020, people leaving London purchased 6.9% of properties sold outside of the capital. This equates to 24,480 sales.
In the second half of the year, this percentage increased to 7.8%, and reached 49,470 sales.
There are many reasons for people to leave London
Aneisha Beveridge, a noted name in the UK housing market said: “Despite Covid-19 closing the housing market for seven weeks, the number of homes bought by Londoners outside the capital has risen to the highest level in four years. While leaving London has been a rite of passage for many, often families reaching life stage milestones, the effects of lockdown and the desire for space seems to have heightened this drift.”
Aneisha continued by saying; “Meanwhile the lure of a stamp duty holiday acted as an impetus for more buyers to bring future planned moves forward. The prospect of homeworking more regularly has also meant that London leavers are moving further than ever before. The average London leaver moved 10 miles further than in 2019 as buyers’ favour space over commutability.”
Beveridge added: “We expect this outmigration trend to continue into the first half of next year too. But usually as prices in the capital begin to flatline, which we forecast to happen in the second half of 2021, more Londoners decide stay put. Even so, given the housing market has been anything but normal since the onset of Covid, we expect to see the total number of homes bought by London leavers next year hit 2016 levels.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.