‘Pandemic Purchase Regret’ Drives City Property Sales

Many people who fled cities during the lockdown are suffering from buyer’s remorse, according to recent reports. As the pandemic was at its height, a rural retreat tempted many city dwellers to flee, but now that near-normality has resumed, many householders are having second thoughts, Hull Live reports.

David McGrail, a mortgage broker, told the publication: “Our research showed that a big part of moving to the country was to have more nature around them, less pollution and less crowds. But unfortunately for many this would’ve meant moving quite far away from the big cities where a lot of offices and businesses are based.”

He added: “And now as all remaining covid restrictions are lifted, we’re seeing more companies asking people to return to the office, whilst this might not be full time, for many the prospect of a long commute is just too much.”

According to the publication, as many as three and five people who moved to a more rural area during the past two years have plans to return to towns or cities. The regretful relocators cited isolation, lack of amenities, and a boss’s order to get back to office desks as the main reasons for their abrupt volte face.

When the lockdown first happened two years ago, and everyone who could do so was ordered to work from home, many commentators predicted that this would be the new normal. However, most companies have gone for a hybrid option, of asking employees to be present in the office two or three days a week, and WFH the rest of the time.

The Standard reports that London has been first to feel the uptick in interest in urban residential properties, with a surge of demand at the beginning of the year. Regional areas look set to follow suit, as the country rebalances itself from the turbulent times of the past two years.

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