More and more Londoners are buying second homes outside the capital following successive lockdowns and international travel restrictions.
The number of Londoners purchasing properties elsewhere in Britain more than quadrupled last year compared with 2019, according to Knight Frank estate agents. Capital-based buyers dominated the second homes market, accounting for 35pc of all sales outside the capital. This was nearly triple the 13pc share in 2019.
Overall, second home purchases jumped 59pc year-on-year. The numbers reflect Knight Frank sales data, which is focused at the higher end of the property market.
Families have sought more space to work from home and host extended family during lockdowns, Knight Frank said. Coronavirus has also pushed many Londoners to bring forward plans to relocate to the country.
Londoners are almost exclusively after coastal locations, according to Carol Peett, of West Wales Property Finders, a buying agent http://www.westwalespropertyfinders.co.uk. “Some want to be on their own on a clifftop,” she added. “I’ve never been so busy. It’s 18 hour days, seven days a week.”
“There has always been a steady stream of buyers from London, but since the third lockdown it has been absolutely ridiculous. In the last two weeks I have taken on more clients than I normally do in a year.”
Winter has been a further catalyst. Buyers want to plan for their Summer holidays and are wary of booking trips abroad, Ms Peett said. “They realise that there is so much demand for British holiday rentals they can let them out and get a good return,” she added.
The trend to bring moves forward means that Britain’s second home buyers are getting younger. “People are buying second homes in their late 20s,” Ms Peet said. One young couple recently paid £310,000 for a home – £40,000 over its asking price.
Bidding wars have become commonplace. Another couple paid £1.5m for a house – 25pc more than the £1.2m asking price.
Country house sales jumped 11pc last year versus 2019, despite the spring housing market shutdown, according to Knight Frank. Prices of rural homes worth £5m or more rose by 7.9pc.
https://www.telegraph.co.uk/property/uk/second-home-frenzy-four-times-many-londoners-snap-getaway-pads/?fbclid=IwAR0wlnjqOV9Ly9ls9DxahGcGyYVrs1EhTaUdugsXLXklpVuxxSKvMW5Hn9w – The Daily Telegraph 3rd February 2021
If you are looking for a property in Pembrokeshire, Carmarthenshire or Ceredigion, give West Wales Property Finders a call on 01834 862816. We can find your perfect property for you whilst saving you time, stress and often money too.