London-based buyers set their sights on a move to the country after lockdown
South West and South East major beneficiaries as people look for more greenery and outside space
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Prospective buyers are looking to move outside the capital in greater numbers in response to the Covid-19 pandemic, in a boost for regional UK property markets.
Since the first full day of the lockdown on 24 March, fewer than half (45%) of London-based buyers have searched for a property in the capital, a figure that compares to 62% in the period between 1 February and 23 March, Knight Frank data shows.
In response to the government-imposed measures, agents have reported an uptick in interest in outdoor space and greenery, which is driving the trend for buyers in the capital to look further afield.
South-east and south-west England have been the main beneficiaries of this trend (see graph).
While 8% of potential buyers based in London were looking in the South West before lockdown, this jumped to a fifth since restrictions were introduced.
The South East has also seen its popularity increase, with 28% of new prospective buyers considering a move to the region compared with 23% before the lockdown.
“We have seen a significant spike in activity in the South West,” says Knight Frank’s Exeter office head Mark Proctor.
“Whilst we had an increase in enquiries during lockdown it is interesting to see this has continued since our return to work. I believe this has been driven by buyers recognising they can now work from home effectively and realise a lifestyle that they thought until now maybe out of their reach.
“Furthermore the desire for outside space and land has never been higher and this coupled with the significant gap in values between the provinces and the capital could mean we see this trend continue,” adds Mark.
Bristol office head James Toogood said that while the area was popular with Londoners looking to relocate before lockdown, he has seen a marked change since the market reopened in England.
“We’ve just brought a property in Wookey to market. It’s generated a lot of interest and eight out of ten of the people contacting us to arrange a viewing are London buyers,” he says.
Nigel Mitchell, based in Knight Frank’s Guildford office, expects the trend for London-based buyers to relocate outside the capital to continue.
“Since we reopened for business every other person getting in touch to organise a viewing is London-based. While we always see a certain amount of people moving from the capital, I wasn’t expecting quite so many.”
“Our town business is always good, but the country market has generated for more viewings this week,” he says.
Most popular destinations for property searches
While the top 14 most popular local authorities for London-based prospective buyers were in London before lockdown, this too has changed.
Wiltshire, Bath and North East Somerset and Guildford all now feature in the top ten most popular areas London-based buyers are looking at.
The Vale of White Horse in Oxfordshire, South Gloucestershire, Elmbridge, Mole Valley, Windsor & Maidenhead and Woking are also now all in the top 20.