London buyers flee centre for outer areas, reports Rightmove

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A new analysis of searches and leads to agents by Rightmove suggests buyers in London are deserting central locations in favour of the fringe.

This is a reversal of the trend a year ago, and for some time before that, where buyers in London sought as central locations as they could afford.

While visits to property details and enquiries to agents are up across London, those relating to Zone 6 homes on sale have rocketed by 108 per cent in a year whereas Zone 1 are up just seven per cent. 

The further out you go by zone the greater the increase in year-on-year demand, says the portal, with analysis along the Northern line showing the biggest jump in demand at the very end – High Barnet and Finchley Central have seen huge surges, whereas Moorgate and Bank have seen small ones.

The majority of zones have swapped places compared to 2019 and as you move out by zone the jump in the number of buyers increases further.

”Agents have been reporting a number of people selling up in the inner London zones and moving further out, but to see this reversal in the demand trend reflected so clearly in the data is quite something” according to Rightmove’s head of property data Tim Bannister.

“Some buyers still expecting to commute into the centre in the long term may have now adjusted their mindset about how many zones they’re prepared to move out, leading to zone 6 being the new favourite” he continues. 

“I do think this demand will come back eventually but it’s not clear yet how long it will take.”

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Written by: Houseladder



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