How has the Pandemic Changed London’s Sales Market?

Many reports have told how the pandemic has driven a trend for moving out of London to rural and coastal areas. However, London has survived plagues before, and this one is no different. The city’s appeal has continued, and it still tops the list of the world’s most desirable cities to live and work in. This is reflected in the fact that London house prices rose by 7.3% during the second quarter of 2021, although this is a slower rate than the rest of England, it is still an increase.

Although the capital’s property market has stayed afloat, there is no doubt that there have been seismic shifts. The pandemic, and associated lockdowns, have changed the way people lived and worked. Their homes have been the centre of their lives, and this has made many people change their mind about what they want from a property. 

Non negotiables

The pandemic made people aware of certain home aspects that they may not have really noticed before. Months spent confined to the 4 walls of home made people less tolerant of annoying neighbours and noisy traffic. Being suddenly stuck inside all the time made homeowners more aware of their neighbourhood, and the views from their windows. 

Previously, when selecting a London location, proximity to a tube station was one of the main deciding factors, buyers wanted to minimise their commute time as much as possible. Now, our estate agents are finding there is more competition for houses in zones 4-6, as people are going into the office less, and so are opting to live further out the city, where they can afford a bigger property with more open space. Green space has become more important, thanks to the one day a walk rule.

Estate agents are finding that buyers are more open-minded than ever before with regard to where they purchase. Before, buyers were focused on a specific area, or postcode, that they had set their heart on. Now, they are suggesting a borough as a whole, or even just a zone, so long as it has certain elements of what they are looking for.

Other areas our estate agents have found are in demand are village-style locations, locations such as Greenwich, Wandsworth and Hampstead offer a rural feel, close to the city, expect good schools, bakeries, florists and coffee shops, and a close knit community.