It is often said that Londoners are a tough breed; according to official figures across England, ONS data has recently revealed that only the top 25% of earners in London were able to privately rent a property there at an affordable rate.

It’s no surprise then that many of them would want to live in their own little slice of paradise – somewhere peaceful and relaxing with plenty of room for themselves and their family.

LawSure Insurance has released their latest infographic that reveals the top reasons exactly why Londoners are wanting to move away from the city and here are some of the key factors that have affected their home-purchasing decisions.

The Impact of Technology and COVID on the housing market

The impact of the COVID on the housing market has been massive. During this period, the average house price for Londoners was still increasing; when the pandemic was starting to escalate in March 2020, the average house price was £482, 605. By August 2021, it had reached £525,893.

The demand for buying property was still there during the pandemic and people adjust to doing so via alternative means necessary with the assistance of technology as people resorted to doing so via receiving online tours.

This means that people can find out more about houses they like and make enquiries without having to spend lots of money on physically touring the property themselves as it is possible for them to do so from the comfort of their own home.

However, many Londoners have been feeling frustrated due to how expensive renting has become in recent years since landlords are charging higher fees for renters who cannot afford mortgages themselves leading to financial difficulty especially if they are trying to save up for a deposit.

Additionally, people have also noticed an increase in rental prices over the past 18 months of the pandemic so they are being asked to pay more while their salary remains relatively low and not increasing with inflation or even decreasing slightly.

This means that people feel pressured into buying homes wherever possible due to the rising rental rates because if you are renting you can never save up enough money.

People who want to move out of the city are thinking twice because they do not have enough money or even fearing that their salary will decrease further because there is potential that prices will drop again due to how fast inflation has risen in recent years.

So many Londoners dream about owning a home but fear asking themselves if it would be better to save up and buy outside of London before moving away from where they currently live?

Having Access to a Bigger Garden

From the properties that were purchased in 2020, 63% of prospective homeowners stated that this was one of the most important priorities when moving away from the capital, with 19% declaring this as one of the most important aspects of their new home.

With frequent lockdowns having been implemented since March 2020, it may not be a surprise to see why so many people have expressed their desire to have access to a bigger garden and move away from the hustle-bustle of London.

With some residents likely to be living in flats, people would want to have access to their own garden so that they can have their own place where they can relax after work instead of being cooped up inside all day.

Having access to a bigger garden allows the opportunity for residents to spend more time outdoors, growing flowers or vegetables.

Car Parking Spaces

Many people dream of living in the city but not everyone can afford to pay for car parking spaces. This is especially true if you do not drive and Londoners who commute to work by public transport could find themselves paying £100s a month just for their daily trip.

With some people now allowed to work remotely, the times when they don’t need to travel to the office, they’ll need their car parked somewhere privately or in a safe place. 36% of homebuyers in 2020 declared that a private car parking space was one of the most important priorities.

What’s better than working from home? Working wherever you want in the world, of course! And that is exactly what more people are doing every day with remote work opportunities now becoming available in more industries.

A home office has been determined to be one of the most important aspects to consider when purchasing a house with 36% stating that this was a priority for prospective buyers, and 12% of Londoners specifically stating that this was the most essential element that would influence their purchasing decisions.

Source: Plato Data Intelligence