Online searches for accommodation in London have soared this year while those for country properties are in freefall according to new analysis providing the latest evidence of a “boomerang” return to the capital.
The volume of searches using the term “rooms to rent London” is up 98 per cent on 2021 this year while those for “shared ownership London” is 48 per cent higher.
Over the same period, searches for “houses for sale in Cornwall” are down 46 per cent and “houses for sale in Devon” 37 per cent lower, according to data from specialist analysts MediaVision.
London rents fell and property prices flatlined during the pandemic when thousands of residents decided to move out in a “race for space”.
However, as offices have reopened since last summer, interest in city living has revived strongly, particularly for flats.
MediaVision’s chief executive Louis Venter said: “Online search behaviour is such an important indicator of people’s thoughts and decision-making process. The data suggests that many in the South-East are keen to move closer to the office now that working from home is no longer required.
“Although we saw many retreat from urban life when Covid was rife, this data suggests people aren’t as enthusiastic about coastal and commuter town living as they once thought.”
The data comes as estate agency Chestertons said it had seen a spike in competition for houses in London over recent weeks leading to a sellers’ market. Its analysis suggests there were 51 per cent more new buyers and 35 per cent more viewings than in January last year.
At the same time, the number of available properties for sale has fallen by eight per cent compared to January 2021.
A report released from analysts at City Hall yesterday found London’s population is growing again as thousands who left the capital for the suburbs and the shires during the pandemic are returning.
Chestertons chief executive Guy Gittins said: “To see new buyer inquiries of this scale at the beginning of the year is truly remarkable.”
