The race for space that’s been raging in the UK property market for the past couple of years will continue to occur in 2022, according to experts. Many prospective buyers have chosen to leave major cities like London and are going to more coastal and rural areas, where they feel their money will go further. While the COVID-19 pandemic has certainly played a role, experts such as Tom Bill from Knight Frank believe that other factors are playing a role as well. Read on to learn more about these factors.
Leaving the Big City
The rising house prices in London have already started to affect buyers, and this has only been fast-tracked due to COVID-19 related lockdowns and more flexible working conditions. According to property portal Rightmove, the number of people planning on leaving the city has also increased.
In October 2019, around 40 per cent of the people who searched for properties on Rightmove were from cities. In October 2021, this figure has increased to over 50%. There has also been an increase in the number of buyers looking for properties that are more than 50 kilometres away.
Tim Bannister, the director of property data at Rightmove, noted that coastal villages and towns are still very popular. For instance, St. Austell and Newquay in Cornwall are some of the most sought-after locations on the site.
Other towns near London that are also popular with buyers are Crowborough, Esher, and Weybridge in Surrey, and Chelmsford in Essex. These areas are all conveniently close to the capital and have good access to both public and private transportation. Despite the predicted three per cent growth in London prices in 2022, there are still many urban areas such as Richmond that are still selling well.
Commuter Towns On The Rise
According to Lucian Cook, the head of residential research at property firm Savills, there is still strong demand in certain commuter towns such as Oxford, Cambridge, and Sevenoaks. However, he believes that this year’s most sought-after locations will be in rural areas such as Somerset and Dorset.
Cook also believes that there will be more interest in the West and East Midlands. He thinks that Bedford is a great alternative to the likes of Oxford and the Cotswolds, noting that it’s cheap and offers a variety of space. Other markets to watch out for include those in the north, such as York, Totley and Sheffield.
Let’s Go To The Beach
In terms of coastal areas, Cook highlights the various places in Cornwall that are known for their affluent and sought-after properties. He also noted that Dartmouth, Salcombe, and Croyd are some of the most popular areas in Devon. On the East coast of England, Cook mentions places such as Aldeburgh and Wells-next-the-sea.
Cook believes that the Welsh coast is going to be a great region for buyers in 2022. Not only are there properties in Borth and Aberdovey that are significantly cheaper than those in Cornish, but there are also beaches and coastal villages nearby.