The London Market Is Still Active

23rd June 2021 posted in Sellers Buyers

At Hunters West Hampstead, we stay in touch with the local market and movers. We have helped many people move in, out and around West Hampstead of late. We appreciate there is a wide range of opinions about the current housing market, and we are here to help as many people as we can when it comes to making their next move.

We also stay in touch with the latest studies, and these make for interesting reading.

There is a desire to move

A survey carried out by SpareRoom spoke to more than 12,000 users of the platform. 40% of respondents said they plan on moving home post-lockdown, with 38% of respondents who live in London stating their desire to move house after the lockdown.

  • 76% of respondents said they intend to move out of their current town or city.
  • 77% of respondents from London say they plan to leave the capital entirely.
  • For the first quarter of 2021, the level of demand v supply for London was down by 23% compared to the 2020 figure.

Matt Hutchinson, SpareRoom director comments: “Over the past year we’ve seen the effect Covid-19 had on London rents, with averages falling consistently in four consecutive quarters. That's driven largely by a drop in demand compared to supply, as renters left the capital during lockdown. At the same time, rents have risen slightly in the rest of the UK.”

Matt continued by saying; “As the country starts to open up more over the coming weeks and months, we'll see pent up demand being released. We'll also see the return of jobs in sectors like entertainment, hospitality and tourism, which London relies so heavily on. Whether that means a mass return to the capital, or whether some of those who left won't return remains to be seen. But we do expect things to shift over the summer.”

Why have people moved home?

Yes Homebuyers surveyed 1,059 property buyers, who have completed their move in the last six months, and asked them what their primary reason for moving out of their last home. The findings will be of interest to many people in the housing industry, and for people looking to move home soon.

  • 46% of respondents cited a lack of space, either indoor or outdoor, as the reason to look for a new home
  • 28% of respondents blamed messy or noisy neighbours as the key driver for their desire to move to a new house
  • 9% of respondents cited expensive maintenance and costs as a factor which led to them moving home
  • 7% of respondents cited the property being in need of modernisation as the crucial component in why they moved home
  • Issues regarding the wider area, such as high crime rates, were cited by 7%
  • A lack of suitable amenities, including good schools, was only cited by 3%

This last part is an interesting one, as schools are regularly cited as a reason why people move home. Perhaps people in an area are already aware of what schools are there, so the standard of schooling isn’t an issue that will see them move away.

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “It’s fascinating how our home purchasing priorities have been so drastically influenced by the pandemic, with the need for more space now ranking as the driving factor behind the decision to move. However, many homeowners have found that spending so much time at home has unearthed another reason as to why they simply couldn’t stay in the same home for any longer.”

Matthew concluded by saying; “Having spent months on end living next door to each other under lockdown restrictions, a third of us have had enough of our noisy neighbours, choosing to move in search of some peace and quiet.”

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs