"In the digital age, homebuyers are not only able to see what’s currently for sale in a given area, but they are also able to access a wealth of additional information on everything from school catchment areas, transport links, local amenities, council tax rates and more"
- Guy Gittins - Foxtons
Foxtons analysed internal data looking at the number of homes sold over the last year and the market split between buyers who start their search in a given neighbourhood and stick with it, versus those who begin in one area of the capital and then find their ideal home in another.
The research shows that the majority of London homebuyers know where they want to live from the minute they begin their search, with 61% of all buyers that have purchased over the last year doing so within the area where they first began their house hunt.
However, this means that 39% of all homebuyers are being tempted away from their original destination of choice and are making their move to a different part of London - the highest percentage seen over the last five years.
Which neighbourhood are they heading to instead?
The figures show that over the last year, Shoreditch tops the table in this respect, having attracted the highest percentage of buyers who previously registered interest in a different area of the market.
The second most popular destination for homebuyer migration within the M25 is Canary Wharf, followed by Islington, Brixton and Battersea.
Other areas to make the top 10 include Vauxhall & Oval, Willesden Green, Woolwich, Pimlico & Westminster and Stratford.
Interestingly, when it comes to the highest proportion of buyers who decide to stick with their original area of choice, Shoreditch and Canary Wharf top the table once again, with Battersea sitting in third place.
Foxtons CEO, Guy Gittins, commented: “In the digital age, homebuyers are not only able to see what’s currently for sale in a given area, but they are also able to access a wealth of additional information on everything from school catchment areas, transport links, local amenities, council tax rates and more.
"However, there’s no substitute for the expert local knowledge of an established estate agent and when this is combined with the requirements of a buyer and their position within the market, we often find that a buyer's mind is far from made up.
"In fact, 39% of all buyers to have purchased through Foxtons in the last year have eventually opted for a completely different neighbourhood to the one they originally started their house hunt in, which demonstrates the importance of utilising an agent with an in-depth knowledge of the entire London market, not just a particular borough, and who has access to properties across London, not just in one office area.”
