"Transport links will always be valued in London but neighbourhood now outranks the commute."
In a survey of 500 people looking to buy their first home in London in the next five years, 79% of respondents agreed it was extremely important that they liked their local neighbourhood, while 69% said they would always get to know a neighbourhood before buying there.
More than half of those surveyed wanted to live within walking distance of essential shops, while gyms, restaurants and coffee shops led the list of other amenities that first-time buyers wanted to be close to. But only 43% named proximity to transport links as a top priority when choosing a home.
The most popular factor determining choice of a first home was the number of bedrooms (48%). Outdoor space was a top priority for 43%, and 30% of those surveyed wanted to be close to parks and open spaces.
79% of those surveyed said their priorities had changed since the pandemic, with the desire for outdoor space rising more than any other factor.
Over 60% of respondents expected to buy their first home in Zones 2 to 6. On average, respondents expected to stay in their first London home for just over five years.
An apartment was the most popular choice for a first home (31%), followed by semi-detached house (30%), detached home (18%), and terraced house (15%). More than 60% wanted a new-build home.
Of those respondents who worked from home during lockdowns, more than 90% expected to continue to do so for at least part of the week.
Ian Gorst, regional chairman for Bellway London and South East, said: “Our research has provided a snapshot of how first-time buyers feel about the London market and the importance of neighbourhood is a clear message.
“More than 70% of people said that having a strong sense of community in their neighbourhood was extremely important to them, and this is reflected in how our customers feel about where they live. They want to become part of their local neighbourhood and in turn, to support the businesses on their doorsteps, which can only be good news for communities in London where our new homes are being built.
“There has also been a shift in sentiment since the start of the pandemic. After enduring lockdowns, people want all the amenities they need on their doorstep as everyday life has become more local. Transport links will always be valued in London but neighbourhood now outranks the commute.
“New homes are a common-sense purchase for first-time buyers. The research found that modern designs, low maintenance and energy efficiency were the main factors influencing people to buy a new home in London.
“New-build apartments can satisfy many other criteria identified in the research, from balconies and terraces to communal rooftop and podium gardens, as well as residents’ work hubs, on-site gyms and tech already set up for home working.”
