boydens.co.uk Finances 20 Is London still calling? Londoners bought more than 112,000 homes outside the capital in 2021, which witnessed the biggest ‘great escape’ from London since 2007 as the coronavirus pandemic drove people to seek more space to comfortably work from home, according to London estate agent Hamptons. The impact of this move has affected the geography of not only the commuter belt, but also smaller towns and cities across southern England and has driven up demand (and prices) in those areas – a phenomenon we at Boydens have experienced. The switch to flexible working has encouraged Londoners to buy homes further outside the capital than in pre-pandemic times – a desire for more open space being a key consideration among those relocating. Buyers leaving the capital are able to get more for their money with a record number of London renters now buying their first home in a more affordable location owing to the rise of flexible working coupled with affordability barriers. First-time buyers from the capital have combined with ‘local’ first-time buyers resulting in a high demand for all types of property across the area from this demographic. With increased demand in the region (and the resultant impact on house prices), this has in some instances meant that first-time buyers have had to compromise with smaller properties or different locations to meet their budget in what remains very much a dynamic and fast-moving sellers’ market. “Londoners bought more than 112,000 homes outside the capital in 2021, which witnessed the biggest ‘great escape’ from London since 2007.” First-time buyer tips for 2022 • Speak to a broker who will be able to look at di erent mortgage options such as 95% loan to value lending and first-time buyer exclusives. Often these can include features like free valuations and cashbacks to help with your purchase. • Consider di erent locations for your initial purchase – you may get more for your money or be able to better match your budget remembering that this is a first time, not necessarily forever, purchase. • You won’t normally need to send your deposit to your solicitor until just before exchange (on average around three months). This can give you another three pay packets to save up for solicitors’ fees and the costs of moving, so it is worth keeping in mind. • Ensure that payslips/bank statements/ID are all registered to the correct address and that you are on the electoral role as this will save a great deal of time further down the line.
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