Residential Market Outlook: Week Beginning 17 August
As buyers reassess where they live, new cycle journey time data for the capital may help inform the decision-making process
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The impulse to escape to the country has been a well-documented feature of the Covid-19 pandemic.
As the new academic year approaches, many people will be assessing where they live even more closely.
In an indication of how search areas are widening, there were as many London-based buyers looking in the capital as in the south-east of the country in the first week of August. Before Covid-19, the number of London-based buyers looking in the capital typically outweighed those looking in the south-east by three to one.
However, it would be wrong to conclude that overall demand for London is waning. The number of new prospective buyers registering in the capital in the week ending 8 August was the sixth highest figure in more than 20 years.
Demand remains strong and while some are looking to leave, others are simply widening their search areas. For those who own two homes or are planning to buy a second home, some are striking a new balance between London and the country given the changes in how people work from home. A similar situation is evolving in suburban property markets in the US.
How long this trend lasts is more uncertain. We were assured in the period following 9/11 that it marked the end of tall tower, which, of course, it didn’t. People have been moving to cities for many centuries for good reasons, even though not all of them are apparent at the moment. For now, suburban markets are having their day in a way they didn’t after global financial crisis.
Another government initiative caused by Covid-19 has been to make the population healthier.
By combining this desire for fitness and more outdoor space, we have created a list of the least expensive areas from where you can cycle into central London, depending on how long you are prepared to spend in your saddle.
The results take average speeds and congestion into account and are based on arriving at various central London tube stations by 9am on a weekday.
The postcode areas of E16, E6 and SE28 contain the least expensive average property values for those travelling to Bank station in the financial district of the City, depending on the preferred commute time.
Meanwhile, for London Waterloo, SE10 is the best-value area for a cycle time of under 30 minutes.
For Paddington, SW9 is the cheapest area less than half an hour away, while NW10 and SM1 provide good value if you are prepared to cycle for longer. For a full list of the top-ten areas for these and other stations please click here.
It may provide a useful starting point for buyers who are re-thinking how and where they live.