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    Bob Bickersteth
The view from our London office
 Priorities have changed and property market is benefitting
The UK residential property market is incredibly resilient, and recovered rapidly after the initial national lockdown was eased, despite the short
term uncertainty surrounding the general economic climate.
We have seen a 43% increase in London based applicants registering to move out of the capital in the quarter to 30th September compared to the first quarter of 2020. Whilst some of this increased demand was the pent-up activity of those who were already “in the market”, the majority are new potential purchasers/tenants entering the fray. Buoyed by the stamp duty holiday they have reassessed their priorities during lockdown and now want, or need to live in a different space, or location. This has been echoed in a recent ONS survey, which highlighted
that one in four people are planning a major life change after the country has recovered from Covid-19. More than a third of these people have said they would like to change where they live. Particularly if their companies are now allowing an element of home working. Open space, gardens, fast broadband and home office are now high up the wish list. For those needing to commute to the capital daily they are looking in areas with direct train access to London. Demand in some of the most popular areas is exceeding supply.
Villages and areas that were
previously seen as remote have gained traction, and the urban rural shift from London is real. Demand is split evenly between those looking for a principal home and a bolthole, although there has been a noticeable shift. In the past, those who had a principal home in London and a smaller weekend property are now wanting the reverse.
This increased demand is across the price range but is more noticeable in the middle to higher of the market reflecting the need for larger properties and space.
At our office in St James’s, we are in a unique position to harness these potential buyers. They can discuss their requirements with professional qualified staff, who can answer questions about prices, market conditions, commuting times and schools. We can then search the database for them and give out brochures of suitable properties.
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