Big cities have always lured in people. The nightlights of London have offered people opportunities and entertainment. But a surprisingly large number of Londoners are desperate to move out of the capital. Why is that and what should property owners know?
For anyone who owns a property, house insurance is important. And when you are switching properties, you need to make sure your home insurance is in order. Unoccupied properties in London or elsewhere can be an insurance risk, especially in the event of death. An unoccupied house insurance policy is a good idea if you have property in the city and aren’t living there.
It’s also a good idea to understand what is driving Londoners away from the capital city. Statistics show how 7.5% of homes purchased outside of London in 2020 were bought by Londoners. This is a big figure. But will the flow of Londoners outside of the capital continue in the future? A glimpse into the reasons Londoners are leaving could provide an answer to the question.
Londoners want bigger homes
18% of those moving out of London cited the size of their homes as the top reason. 43% of homebuyers, in general, are looking for more spacious homes.
The desire for something bigger was exacerbated by the coronavirus pandemic. Londoners realised just how small their living spaces were, as they were stuck inside their homes for months. While the pandemic restrictions might be lifted, many still yearn to have a bigger home.
This can be down to money as well. A bigger home in London is out of reach for many, as house prices in the capital are more expensive than elsewhere in the UK.
Londoners want room for home office
Similarly to the above reason, 12% of Londoners buying a new home stated how having a home office is essential. Working from home was many people’s reality last year. But the concept might not be going away with the pandemic. This is because many companies are continuing to keep at with flexible work arrangements. Half of London firms plan for remote work for five days a week!
Londoners want to have a garden
The big cities are often referred to as concrete jungles. While London has quite a lot of big, green spaces compared to some other major cities, people don’t tend to have a lot of personal garden areas. 19% of Londoners cited gardens as the most important aspect when looking for a home outside of the capital city. Gardens are especially important for older people. Once you retire, you have more time in your hands and gardening can become a great way to relax.
If a Londoner can’t find their own garden, they also dream of living next to one. 14% of Londoners cite outdoor spaces as the most important thing they are looking for in a new flat. Again, outdoor spaces offered many people an escape from the indoors during the pandemic.
Many people picked up walking and running as a hobby. As the pandemic ends, people still want to enjoy outdoor spaces more regularly and a move outside of the capital can provide this.
Londoners want a space to park their cars
A lot of Londoners are also looking for a space for their vehicles. Driving in London is expensive but many want a car for the convenience it can bring. But the capital city offers very limited car parking space. Not to mention the fact that a lot of it might not be that safe.
Are Londoners gone for good?
The pandemic got many people to rethink their living spaces. People realised the value of space and being close to nature. Our way of work also changed, and many have adopted things like working from home as a permanent rather than a temporary way of life.
The capital is unlikely to turn into a ghost town. The city still offers plenty of opportunities for workers and young people could still enjoy the excitement of living in a big city. But for many families and older people, life in the city might be over.
As people move around, it’s important to remember the importance of home insurance. It’s especially crucial at a time when a huge number of residents are moving from one location to another. Things like unoccupied probate insurance can help ensure you don’t lose money if your house is unoccupied for whatever reason.
So while you are looking at different options, keep in mind that every house needs insurance. London might not be the location for you anymore but a lot of great options are awaiting you!
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