Is city living back on the agenda?

2 November 2021

After a year dominated by demand for rural property and open spaces, UK buyers are once more looking to towns and regional cities for their next home.

Property data for Q2 2021 shows that of all UK sales outside of London, town and city sales accounted for 42% – the highest Q2 figure in a decade1 By comparison, the 10- year average for town and regional city sales as a percentage of UK sales is just 37%.  This momentum has continued into Q3, with the combined figure for July and August 2021 at 40%.

Social life returns

As the country continues to recover, the lifting of restrictions and the opening of entertainment venues and nightclubs has put social life back on the agenda. As a result, buyers are once again including proximity to shops, pubs and restaurants on their list of desired characteristics for their next home.

The best of both worlds

With green and open spaces still high on buyers’ agendas, it is easy to see why smaller, less densely populated towns and cities that still offer all the benefits of urban living are in such high demand. No wonder that 43,109 people left London in 2020 to settle in one of the 15 destinations featured in Knight Frank’s Town & City Life report: Bath, Beaconsfield, Birmingham, Bristol, Cheltenham, Edinburgh, Exeter, Guildford, Haslemere, Henley, Oxford, Sevenoaks, Stratford-upon-Avon, Tunbridge Wells and Winchester.

  1. Knight Frank, 2021

 

🚨Think carefully before securing debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage.

🚨 Data accurate as of the date of publication – 02.11.2021.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.

Source: Quilter Financial Planning – Essentially Mortgages Q4 2021

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