It appears that life in quarantine is having an effect on attitudes to urban living in Central London according to the Evening Standard. Families in particular for over a month living in the hustle and bustle of the capital, are perhaps looking further afield for London property right into zone 5-6 areas where traffic, noise and pollution are less.
The Evening Standard showed in their research that price difference, healthier lifestyle and extra space are what’s attracting new home buyers in London.
New research showed that a modest 500sq ft one-bedroom flat in travel Zone 1 costs £1,300 per square foot, or around £630,000.
For the same price you could get almost 1,000sq ft in Zone 3, or more than 1,300sq ft in Zone 5.
How does each London zone area compare in pricing? Working out the averages in price per square foot in Zone 1 is £1,245 and this trend moves significantly downwards for Zone 3 where it is £637, zone 4 is £509, zone 5 being £474 and finally zone 6 is only £454.
In the home counties, Surrey is priced at £458 per square foot on average, so a three-bedroom, 1,500sq ft home would cost an average £681,000.
A similar-sized home in Buckinghamshire, where the average price per square foot is around £377, costing £565,500.
In Essex the average price per square foot is £348, reducing the price down to £522,000.
With plenty of time on their hands during lockdown, Londoners are re-evaluating their lifestyle and their living. Perhaps a new rural life outside London is not as practical as it sounds particularly with younger children in tow. However, with price differences outside of zone 1 and easier to reach countryside areas further out, it could prove an attractive prospect to some. Working from home could be a long term solution for some hoping to improve their lifestyles in future.
It is important to do some analysis of your own to see what’s right for you. Good transport links are essential for living further outside and also making sure that the area has reliable internet connectivity, preferably with cable network. The new preference for space could mean looking for new homes with well-thought out communal areas, landscaped gardens, and homes with terraces and large balconies.
Obviously, there are uncertainties surrounding the current state of London’s business and commercial heartbeat. London property prices will be in a state of flux throughout the coming months. Experts elsewhere pointed out possible similarities with the 2008 crash, where mortgages were only approved with higher deposits. However, others point out that with interest rates are rockbottom coupled with lenders continuing to lend with low deposits at the current low rates, homeowners are more likely to be able to afford their costs and buyers can look towards getting a new home in the coming months. The government is injecting plenty of money into the British economy to keep it afloat which in turn will help employment levels and make home owning still an attractive proposition for some.
If you are considering buying property in London, why not get in touch with One Investments today.