New norm brings new market trends
- 25th September 2020
- Buy-To-Let Property News
A new study shows that changing attitudes towards how people view their homes in the wake of coronavirus is driving activity in the housing market.
Data published by BuyAssociation reveals that 74% of people have “reconsidered their work-life balance” following lockdown, with 34% of these having a “serious rethink”, which has prompted many to consider moving house*. The proportion of people who are committed to moving in the next 12 months increased from 9% in April to 21% in August.
Fast broadband remains a priority for 48% of those surveyed, the same percentage as in April. However, with the Government advising people to work from home again, a fast connection is more crucial than ever. Research by Zoopla reveals the percentage of online applicants registering since June who have been searching for outdoor space has increased by 98%. There has also been a 166% increase in searches for balconies **
Respondents to the survey were largely optimistic about the property market, with seven out of 10 respondents believing that house prices will rise over the next five years ***. This is reaffirmed by ludlowthompsons’ recent report on the average time that investors hold onto property. 29% of properties sold by investors in 2018 had been owned in excess of 15 years.
Stephen Ludlow, Chairman at ludlowthompson says: “It’s not surprising that given the amount of time now spent at home that people are considering the qualities that are important in a home. Those looking to invest are purchasing properties that are as appealing as possible for tenants. ”
“Space for home working has become a necessity and we’re seeing renters and buyers seek out bigger properties in order to set up their own home offices with online registrations for study space twice as high in July compared to January ***”
With many workers now attending the office on rostered basis, close proximity to work facilitated by cycle superhighways, and easy walking distance to the office are key considerations.
Local retail is also seeing a revival with owner manager entrepreneurs delivering bespoke services within their community and servicing increased demand from working from home residents.
Stephen Ludlow adds: “Appealing local parades, proximity to the workplace, storage space for bikes and a garden or balcony have become must-have features for many prospective buyers and tenants.”
ludlowthompson’s Sales and Letting agents are continuing to offer prospective renters and buyers guided video tours of properties. In person viewing appointments complying with social distancing, are available following virtual viewings.
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It’s not surprising that given the amount of time now spent at home that people are considering the qualities that are important in a home. Those looking to invest are purchasing properties that are as appealing as possible for tenants
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