Monday, May 16, 2022
Real EstateUK

Property buyers abandoned London during Covid crisis

Property buyers

According to a study by OpenBrix which analysed property sales transactions from the UK’s Land Registry, property buyers are looking beyond London, as transactions across the capital dipped by 43%

Property buyers are looking further afield from London, as transactions across the capital dipped by 43% in the first six months of 2020 compared to the six months prior.

That’s according to a study looking at the coronavirus pandemic’s impact on buyer appetite by property portal OpenBrix analysed property sales transactions from the UK’s Land Registry.

The same research showed that between July and December of last year, there were some 18,272 homes sold in London’s commuter belt, a figure that dipped 42% to 10,527 in the following six months.

Alongside these there were 4,545 transactions in Buckinghamshire and over 1,000 homes sold in Reigate and Banstead, Thurrock, Elmbridge and Dartford.

Both Dartford and Buckinghamshire have seen the most considerable reduction, with a 47% fall in transactions across both areas.

Mole Valley has also seen a notable decline, along with Tandridge and Slough. Broxbourne has seen the smallest decline, although transactions in the area have still fallen 32%.

Adam Pigott, CEO of OpenBrix, said: With many of us now working from home and many companies adopting this practice with a long-term view, demand for homes in and around London has fallen. As a result, we’re seeing a sharp drop in the level of transactions taking place in these areas, although demand hasn’t completely vanished.

The ongoing restrictions brought about by the current pandemic have reshuffled the deck where the property market in London and the commuter belt is concerned, he added.

Meanwhile a report from last month said properties further out on London commuter lines are seeing the biggest jump in the number of buyers looking for a new home, a complete reversal compared with this time last year.

Rightmove said the majority of zones have swapped demand rankings compared with the previous year, and the rise in the number of buyers now increases as zones move further out from the centre of the capital.

Estate agents have said buyers are looking to move to areas with more living and green space in the wake of the coronavirus pandemic, resulting lockdowns and increased remote working opportunities.


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