Londoners 'hoovering up' local property market

The desire to escape the urban environment of cities and towns is luring more and more people to the coast, something that has only been accelerated by the coronavirus pandemic. 

As people search for more space and a better quality of life, homes on the coast in seaside towns and villages have become more popular. 

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Property in the region is being snapped up (PA).

Chris Frost,  owner of Poole-based estate agents Frost and Co, said: "We’ve seen a substantial increase in London buyers seeking homes to purchase and rent in Poole.

"We estimate that we’ve dealt with two years worth of buyers in one year. There have been always London area families looking to move Poole once children arrive on the scene, looking for a calmer life and nice environment for children to grow up in.

"But in the last few months buyers have been here hoovering up everything from around the £600,000 to £2m mark (and in some cases higher).

"Prices has risen by around 9-10 per-cent overall since the first lock down ended in 2020."

Looking to the future Mr Frost stated that he expects local prices to continue to rise for the rest of the year but we will have to "wait and see" what this means in the long term. 

He said: "Poole and Bournemouth remain a fabulous place to come and live with a finite number of homes available."

Chris Frost and the office in Poole (Frost and Co).

Research by Property Market Index.com found that one of the main reasons people are looking to up-sticks and move to the seaside is the appeal of more indoor and outdoor space after being in lockdown for months.

They also considered the quality of the properties available with uninterrupted sea views, beaches, and air quality as well as how easy it is to get into and out of London.

Sean Gibson, head of residential sales at Savills in Canford Cliffs, said: "After a year spent living under the constraints of the pandemic, proximity to family and to a beach or open space now sit firmly at the top of home movers’ wish lists.

"These lifestyle drivers are now much stronger than the more traditional home move choices and underlines why there has been such strong demand in the coastal market, particularly in Bournemouth and its surrounds."

However, it's not just Londoners looking to move to the area. As more and more people look for a better quality of life following the pandemic, properties are quickly getting snapped up in and around Bournemouth. 

Sean Gibson, head of residential sales at Savills in Canford Cliffs (Savills)

Mr Gibson said: "Whilst there has been an increase in the number of London buyers viewing properties in the area through our Canford Cliffs office, the reality is that we are seeing buyers from all over the country showing a commitment to move to seaside locations.

"Our latest client and applicant survey results suggest that demand is likely to remain strong throughout all of this year and into 2022 too, which certainly bodes well.”

Property-Market-Index.com researched data showed the average cost of homes in ten of the most popular seaside towns compared to those with sea views:

Property Market Index research. 

With working from home expected to be the new norm, many house hunters are also looking for more space, such as garages and gardens to develop into home offices. Which are not always practical, available, or affordable in a major town or city.

People moving out of London are also doing so because they need to 'come into the office' far more rarely, perhaps as little as once or twice a month which is further driving demand.

Paul Howells, chief executive of Accumulate Capital, said “The days when a company would own or rent an office with a desk in it for each and every member of staff are coming to an end – in reality, this trend was already taking shape, but the coronavirus crisis has greatly accelerated it.”

The general trend in the market is angled towards homebuyers seeking more space and a life away from the non-stop hustle and bustle of the city. 

Tom Parker, consumer spokesperson at Zoopla comments: “Homes by the sea are proving popular with home hunters, particularly with repeated lockdowns meaning many are looking for a change from city living.

"Seaside towns have a lot to offer prospective buyers with ample fresh air, a slower pace of living, scenic beaches and picturesque walks."