Due to the Covid-19 pandemic, the world underwent a drastic change. Economies started to collapse, and businesses shut down, people lost their jobs and the world as we know it came to a complete halt. From the aviation industry to the entertainment industry, from the real estate industry to the hospitality industry, every sector, every business, and every industry suffered.
Multiple countries went into a lockdown, including the UK. During the lockdown, employees were only able to work from home, and many employees lost their jobs while others faced salary cuts; people were forced to stay home for days during these multiple lockdowns. That is when the demand for spacious properties and bigger homes came into being. Since people were tired of sitting indoors, they decided to shift into bigger and better spaces – in fact, the demand for properties with outdoor spaces grew tremendously during this period. In pursuit of more space, and more outdoor space, homeowners from the city started moving to the suburbs. According to letting agents in Sittingbourne, below are some of the major reasons for this growing trend.
1.Lack of space
Of course, the most important reason that people were choosing to move from the city into the suburbs is because of the lack of space. As people were forced to stay indoors and work from home, the concept of home improvements became more popular. While some people could afford to add spare bedrooms and create private gardens in their properties, most homeowners preferred to sell their city-centre homes and move to the suburbs where they could live in bigger and better homes.
2.Concept of work from home
Earlier, people would live in the city centre as it was more convenient to reach their place of work. A person working in Central London would prefer to live in a small two-bedroom apartment in the city centre as opposed to a three-bedroom house in Bromley, simply because of the travel time. However, as people were now working from home, they no longer had to worry about commuting to and from work. So, people who moved away from their families because of their job location decided to relocate. People who were staying in small properties in the city decided to move into bigger properties in the suburbs. In fact, some people chose to move to the suburbs so that they could buy a bigger property where they could convert a spare bedroom or a garage into a home office. In essence, work from home majorly influenced the trend of moving from the city to the suburbs.
3.Difference in the average price of a property
The average price of a property in the boroughs and suburbs is relatively cheaper than the average price of a property in the city centre. Homeowners with properties in the city felt that they could buy more spacious homes in the suburbs for the same amount of money, if not lesser. For example, the average price of property in Central London is around £1,582,149, whereas the average price of property in a suburb such as Sittingbourne is £281,306. Whether homeowners decide to sell their property to buy a new house in the suburbs or they decide to rent a property in the suburbs, in the long run, it will be more cost-effective.
4.High rents and day to day expenses
A person who wants to live in the city centre needs to be highly qualified in order to find a high paying job, which will then allow him or her to pay the sky-high city centre rents. However, due to the Covid-19 pandemic, it was very difficult to find such high-paying jobs which made it very difficult for people to make ends meet. Also, living in the city is more expensive than living in the suburbs or the boroughs. As people started losing their jobs or facing salary cuts, they decided to cut down on their living expenses by shifting to more affordable areas.
5.The freedom to move around
Simply put, work from home allowed employees and professionals the freedom to move around. Earlier, people working in the corporate sector could only take a few days off to go on holiday. Thanks to the concept of work from home, people can now work from any part of the country and any part of the globe. Some people chose to move closer to the countryside where they could spend time working and enjoying nature, whereas others chose to move to the suburbs where they could continue to enjoy the urban life, but on a smaller scale. Working from home gave people the freedom to move.