Digital technology has had a huge impact on the home buying process. The first and most notable change is that more people are now able to view homes remotely thanks to high-speed internet and video conferencing capabilities.
This shift in buyer behavior has made it possible for Londoners who would otherwise not have been able to afford London's luxury housing market to browse properties outside of London before committing themselves financially or physically.
This handy infographic by Lawsure Insurance explores how Londoner’s homes are changing since March 2020, when COVID-19 restriction became instituted.
The majority of those who live in London want to decrease commuting time and live closer to the workplace. However, since many companies are starting to offer remote working on a permanent basis, where you reside and where you work no longer have to be the same.
Of all houses purchased outside of London in 2020, 7.5% were sold to people moving out of the city. With 62 % of homes changing hands, Sevenoaks was home to the greatest number. Other popular destinations included Windsor, Maidenhead, Oxford, and Rushmoor.
Here is what people are looking for in their relocation away from London's centre, and how technology has affected that.
The Impact of Digital Technology on Londoner's Home Buying Decisions
COVID-19 has given Londoners the opportunity to buy homes outside of city limits where they can spend less time commuting and more time with family.
Now that remote working is becoming common, people do not need to live in the same area as their job for convenience sake; thus giving them a wider range when it comes to choosing a new home.
When it comes to moving, what people are searching for have changed as a result of digital technology.
Homebuyers can now narrow their searches considerably, allowing them to find exactly what they are looking for. 3D virtual tours and movies are readily accessible, giving the impression that you are visiting the property in person.
Mortgage and insurance paperwork can also be completed with a click with the help of digital technology. Mortgage providers can be easily contacted through email, text message or video conferencing, making the buyer's journey a whole lot easier.
What people are looking for when they relocate from London
A majority of people who live in London want to reduce their commute time and be closer to work.
In 2020, 7.5 % of homes sold outside of the city were bought by those moving out of London for this purpose. Sevenoaks was home to the largest number at 62% with other popular destinations being Maidenhead, Oxford and Rushmoor.
Here is what people are looking for in their relocation away from London.
Bigger Garden
London is more concrete than it used to be. 63% of individuals who purchased properties in 2020 said that access to nature was one of their top considerations, with 19% noting a bigger garden as one of their primary criteria for a new house.
Bigger home
The desire for a bigger floor plan was a big priority on the wish list of Londoners looking to move. This motivated 43% of all purchasers. This is not surprising as lockdown has made families spend more time indoors.
Increasing numbers of people were leaving London in order to escape the claustrophobia and get more space for the money, especially as they could not go out into public places.
Car Parking Space
Remote work has made it possible for people not to have a car, but many still do. The ability to park without battling is another feature that was highly desired by Londoners who were looking for a new home in 2020 with 36% of individuals ranking this as their top priority.
Home Office
Many people are looking for a house with home office capabilities which makes them more productive when they work from home. This was the second most desired aspect in 2020 with 12% placing it at number one on their list.
Closer To Outdoor Space
With so many people getting locked up, it is not surprising that 14% of home buyers considered being closer to outdoor space as the most important factor in 2020.
Conclusion
Technology has made a huge impact on the kind of homes Londoners are looking for. With COVID-19 making it possible to purchase properties outside of city limits, many want their commute time decreased and be closer to work.
When people relocate from London they now look not only at what is important but also how digital technology affects these factors.
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