With office blocks still empty of workers and major City businesses making decisions to keep their staff working from home permanently, the impact of Covid-19 on the London property market is being felt across the sector.
Without the need to live close to the office, thousands of workers are rethinking their living arrangements and looking to more rural settings for what they perceive to be a better quality of life. This is triggering an unprecedented shift in buyer behaviour and creating very real challenges for the urban property market.
The move-in numbers:
- Weston Homes reports a 20% increase in house buyers looking to relocate from London to the country (2020 vs 2019)
- Knight Frank reports a 12% increase in Londoners looking to move to the South West and 5% heading South East.
- Spare Room data show that rents in central London are down -16%. With W10 postcodes down -23% and WC1 rental values dropping from +£1,000 pcm to £878 pcm year-on-year.
- A recent report from Savills suggested that post-lockdown 41% of consumers say they are more attracted now to a countryside location and 49% of see a garden or outside space as more important than before.
While over-demand drives up prices in rural areas, London agents and property owners need to employ every tool in their arsenal to drive interest in properties in the capital. Even if working from home proves ultimately to be a blip, and businesses slowly drawn staff back into offices, urgent action is needed to counter the current challenge.
At Hatch we see first-hand how effectively designed interiors can drive interest, justify sale prices and rental values, and be used as a valuable incentive to push deals over the line. Critically, they provide an additional income stream for agents through our recommendation scheme.
Selling the appeal of London as a place to live is essential, but we can help agents to get house-hunters and renters to look at property with new eyes – selling the dream of stylish urban living with wellbeing built in.
We know that residents are going to spend more time in their own homes, so creating a sense of space is crucial. We believe that open, flexible spaces will demand a premium as property-hunters look for homes where they can live, work, entertain and exercise. Our designs deliver on that promise, as we create gorgeous multi-functional homes which work from moving day on.
Accentuating the link between the indoors and outdoors is a smart way of blending the best of the country and the city, and getting buyers to realise that they can achieve their rural dream without giving up the culture and nightlife that they love.
At Hatch our design team is creating interiors that combine aspirational urban cool with effective home working spaces and also support wellbeing. We are working with UK suppliers to create flexible furniture solutions that make the most of smaller spaces, to ensure that owners and tenants benefit from all the aspects of a modern multi-function home in a city centre location.
Urban properties may face more competition from rural, country cousins, but harnessing innovative and creative interiors can help to sell the enduring dream of stylish, modern urban living.
For London agents, we have the tools and experience to help push a sale or rental over the line. And critically a partnership with Hatch provides additional income in one of the most challenging periods for our industry.
Chat to James today about our how we work with agents to deliver results.