Could the property market be turning back to towns and cities post-pandemic?
According to a recent report by Savills the UK property market could be about to turn back towards city living.
During the pandemic, many people flocked to the countryside and coastal villages as working from home became the norm. Ditching the commute saw a more welcome addition to people’s lives - a decent work / life balance.
But, it seems as though now bars, shops and restaurants begin to reopen, the housing market is seeing renewed demand for urban living. In fact, a report by property experts Savills shows buyers are even planning for the “new-old normal” and it is driving interest in prime regional towns and cities.
Savills Prime UK Residential Spring/Summer 2021 report revealed that the third national lockdown caused many people to become more aware of what they’ve been missing and that instead of pursuing a better life in the country, or by the sea, they are in fact seeking a more vibrant location.
This upturn in the market is not unique to the pandemic. Since the recession in 2009 prime urban areas have tended to perform more strongly. Savill’s report states property in towns and cities saw values pass their previous 2007 peak by 15% and 22% respectively. Meanwhile, those in villages only reached this level again at the end of 2020. Across rural areas, prime prices still remain 8% below this previous high point (source as before).
There is growing sentiment that the recovery from the pandemic will see people return back to towns and cities as the country opens up from lockdown once more. If you are an investor, now could be a great time to snap up a property in the city which may have taken a dip in asking price. If you are thinking of moving to the city, and you have a country pad to trade, now could be a good time to move, getting the best price for your home while demand is high in the countryside.
If you are considering moving home, or you are thinking about investing in property, contact Downs Solicitors to see how we can help.