Surf Replaces Tube as Cornwall Beats London in Property Searches
(Bloomberg) -- The coastal county of Cornwall has replaced London as the U.K.’s most searched for location to buy property as a year of Covid lockdowns prompt Britons to rethink their lifestyle.
Over half of property seekers in the capital are looking to move out, up from 39% a year ago, according to data compiled by listings website Rightmove. Sales of five-bed detached homes have surged and demand for gardens is at a record as Britons seek more space.
Twelve months of intermittent lockdowns have seen families cope with long periods of home schooling, restrictions on leaving the house and left about a third of workers operating remotely still. Combined with a temporary government tax incentive, that’s helped to fuel a property boom as people shift away from smaller properties and more urban areas.
London has traditionally topped property searches due to its large population. With almost 9 million residents it is around 16 times the size of Cornwall, famed for its beaches and countryside.
The second half of last year saw the number of sales agreed in rural locations jump 69%, outpacing a 49% increase in urban areas. The most sought after rental property is now a two-bed semi-detached house, instead of a flat, and rents in some areas of London have dropped by double digits, Rightmove said.
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