With the new lockdown underway, remote working is set to remain a common feature of our lives in 2021. The previous lockdown caused many homeowners to re-evaluate what is important to them, and what they are looking for in a home.
It is perfectly natural that this will come to the fore again, and there is no denying many homeowners have been looking to move to the outer reaches of London.
A lot of the media focus has fallen on people leaving London, but it might be more accurate to say a lot of households have looked to leave Inner London. Even then, there are people looking to move into this area, so there is a good flow of buyers and vendors across London, but there is no getting away from many people’s need to be further away from the heart of the capital.
People want homes around the edges of London
In September 2020, Rightmove considered the demand for property by Travelcard Zones, and ranked it to the previous year.
Between September 2018 and 2019, there was an 8% increase in demand for homes in Zone 5, but between September 2019 and 2020, the increase in demand was 103%. 2020 was a unique year, but the change in buyer demand to the outer reaches of the commuter line indicates many households were looking to move further afield.
There was an even greater switch for property in Travelcard Zone 6, which is relevant to the Hornchurch property market. While there are no stations in central Hornchurch, there are many stations around the outskirts of the town.
The travel time from Upminster Bridge tube station to Tower Hill is just over 40 minutes. This is a more than manageable daily commute. However, as we move forward, it is likely people will need to be in the office on fewer days, or they may only travel to central London on occasions.
In this regard, Hornchurch is likely to provide the best of both worlds.
Outer London is becoming more appealing
Rightmove’s Head of Property Data Tim Bannister comments:” Agents have been reporting a number of people selling up in the inner London zones and moving further out, but to see this reversal in the demand trend reflected so clearly in the data is quite something. Some buyers still expecting to commute into the centre in the long term may have now adjusted their mindset about how many zones they’re prepared to move out, leading to zone 6 being the new favourite. This data demonstrates the short-term trend of more central places like Moorgate and Bank seeing lower demand right now – although it’s worth noting that it’s off strong demand levels for these locations a year ago. I do think this demand will come back eventually but it’s not clear yet how long it will take.”
If you are keen to stay in touch with the local housing market, we can help. At Hunters Hornchurch, we are on hand to ensure you receive all the guidance you need in the local property market, and we are here to assist you.