Written by John Ennis
It has been widely reported that the pandemic has increased the trend of people moving away from London to rural and coastal areas. But just as London has survived past plagues, its appeal endures and it continues to top the list of the world's best cities to live and work (Boston Consulting Group and TotalJobs). This is reflected in the fact that London property prices rose by 7.3% in Q2 2021 (nationally). Although this is a slower rate than in other parts of England, it is still a significant rise.
It is clear that the capital's property market is still booming, but seismic shifts are occurring. The pandemic has changed the way people work and live, putting the home at the center of life. This has changed what many buyers are looking for in real estate.
location, location, location
The pandemic has made people aware of aspects of their living environment that they were less aware of or did not previously consider important. Spending months at home during lockdown and quarantine has amplified the negative aspects of the area, such as nearby noise and heavy traffic. People who used to be outside all day for work, but are suddenly stuck at home during the day, have become more aware of their neighborhood and the view from their windows. 
When choosing a location in London, proximity to a tube or train station, or ideally a junction, used to be a key deciding factor. Many buyers were choosing homes pre-pandemic based on commute times. But now that many workers no longer need to commute to the office every day, good transportation has moved down the list of priorities, increasing competition for larger homes in Zones 4, 5, 6 and beyond, and increasing purchase prices. People choose to: If you want to buy a larger property with more open space, you will need to buy further away.
With daily walks being the only opportunity to get out of the house during lockdown, access to green spaces became a key factor in many searches as people connected with nature and realized its impact on their sense of well-being. . The increased ability to work from home has allowed people to enjoy a new work-life balance, reducing commuting time and giving them more time for leisure and family.
All of this has led to a focus on environmental quality and quality of life, and the extent to which these are influenced by location. People crave better views, quieter roads, more greenery, and easier access to open space and water. Buyers are willing to have more subway stops on their commute or fewer local stores and closer proximity to parks if it means they have more space.
The impact of these new priorities will increase buyer liquidity. Buyers are more open-minded than ever about where in London they buy. In the past, it was common for buyers to specify the street or postcode they wanted to live in, but now it can be a borough, or even just a zone, as long as it includes the elements they're looking for.
center of attention
While there has undoubtedly been a trend towards moving to the outskirts of London in search of more space and a different lifestyle, central sales have not stagnated. Buyers are snapping up apartments in zones 1 and 2, taking advantage of better value as prices fall slightly or rise more slowly than in other areas.
As life returns to normal and theaters and restaurants reopen, offers for apartments are on the rise again as people begin to return to central London to enjoy a vibrant lifestyle.
People are also returning to the city center for work as companies encourage employees to return to the office to maintain their culture, retain employees and attract new employees. . Sales of central apartments for use as pied-a-terre are on the rise as workers leave London and return to their offices, looking for a place to stay for a few nights a week.
Start your search for central London rental properties here.
it takes a village
Other areas in London that are in high demand are village-style areas. For some buyers, a London village-style location represents everything that has become important to them over the past year. Areas such as Greenwich, Wandsworth and Hampstead have excellent schools, shops and restaurants and offer a village feel thanks to their leafy open spaces, florists, bakeries and artisan coffee shops.
The pandemic has reaffirmed the need for human connection. While I have been unable to spend time with friends and family in person, the words I have exchanged with friendly cafe owners I know by name have been reassuring and reassuring. Moving away from mass production and supporting small, local, artisan businesses has resonated with people during the pandemic. A village-style location can provide this more personal experience.
Room with a nice view
Along with changing location priorities, buyers need to reevaluate what they need and want in a home. The warm, dry weather of the first lockdown increased the desire for private outdoor space, leading to an increase in searches for properties with private gardens, terraces or balconies.
Not only the space outside the home, but also the space and room configuration inside the home is more important than ever. Spending months uncomfortably hunched over a laptop in bed, or clearing the computer and documents from the dining room table after every meal, is the last thing a buyer has to do with a dedicated work space (a corner of a larger lounge). , additional bedrooms, living space). Ideally, you'll want a garden office or study, with a window that allows you to look outside while you work.
There is no doubt that the pandemic has accelerated change. Spending more time at home, combined with the stamp duty holiday and the desire to make the most of the day, has led many people to bring forward the move to a more suitable or desirable property they had been considering for the future. It has become.
Looking to the future
With many office workers likely to continue working from home for at least part of the week, the need for a dedicated work space is likely to become a permanent requirement for many London buyers.
As for central London, international buyers are expected to return significantly to the central city's prime residential market as borders begin to open again.
No matter which part of London you're looking to buy or sell in, Foxtons offers unrivaled knowledge of the London market and the expert advice you need.
