Over the last year, online searches for properties in London have soared, while the search for properties in the country have fallen. This was recently documented in a report by City Hall, who suggest there’s been a “boomerang” return to the capital. This change comes after returns to the city had continued to drop for over 30 years.
City Hall’s report suggests that the “boomerang” effect has partially been a result of young adults who had left the capital during the 2020 lockdown having lost their jobs, returning to the city following looser/no restrictions on hospitality and leisure sectors.
This influx of young adults in London has sparked an increase in the volume of searches for terms “rooms to rent in London” – up by 98% on 2021, and “shared ownership London”, which also up by 48%.
According to insights by MediaVision, this trend in the capital is not mirrored in the countryside, with searches for “houses for sale in Cornwall” being down 46 per cent and “houses for sale in Devon” down by 37 per cent.
During the beginning of the pandemic, London’s rent and property prices fell as residents moved out. The “race for space” and the implementation of remote working meant people began to flock elsewhere seeking a different environment during lockdown restrictions. However, this began to change once the government relaxed COVID-19 restrictions, while offices began to re-open. This naturally resulted in people began returning to the country.
However, with inflation and rising living costs, it would be difficult to predict how long this trend will remain the same.
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