The current trends affecting house buying post-lockdown
With most of the country having spent more time at home in the last six months than ever before, it provides an opportunity to reassess the things we want out of where we live, including the spaces within our own homes and the surrounding amenities.
This has boosted demand, alongside the recent stamp duty announcement creating a significant surge within the market, so we’re taking a look at some of the key trends driving homebuying behaviour right now.
Prioritising open space and work-life balance
As social distancing measures are likely to be in place for the foreseeable, and many continue to work remotely, the long-term effects of the pandemic are also shaping lasting trends and behaviour around areas like the workplace, as more begin to reconsider the need for their proximity to transport. Just recently, a Zoopla survey highlighted that 44% of homebuyers whose housing priorities had shifted since the outbreak were now looking to move closer to parks, countryside or the coast.
Similarly, earlier in June a Rightmove survey showed that 39% of homebuyers had also reassessed their priorities as a result of the lockdown period. 63% of those cited larger gardens or access to garden spaces as a must-have for their next home, whilst 43% said they’d now be looking for a bigger home in general. Furthermore, Zoopla’s research also found that 34% of house hunters aged between 35-49 now see a dedicated home office as a priority and 21% of respondents list lower household running costs as essential in accommodating this shift.
Flexible living space in the heart of Brighton
This three-bedroom townhouse sits bang in the centre of Brighton. With open living space, an ideal room for a home office set-up and just a short walk from major bus and train links, you’ll never have to worry about work-life balance again:
A plethora of open green space in Saltdean
This impressive five/six-bedroom detached family home overlooks not just the popular Saltdean Park and Lido, but boasts sea views and has easy access to the expansive South Downs National Park.
The perfect garden in Hurstpierpoint
And for those with larger garden spaces on the list of priorities, look no further than this stunning six-bedroom detached home close to Hurstpierpoint’s high street. Complete with a patioed swimming pool, a long stretch of lawn and a terrace that’s accessible right from the open-plan kitchen and dining space, this spacious home is a dream for those looking to upgrade on space.
What other long-term trends are on the horizon?
However, there are other changes on the horizon as a result of the coronavirus that may affect home supply and demand. With the government’s furlough scheme set to officially end in the autumn and UK unemployment unfortunately on the rise, some property experts are concerned that we could see house price values negatively impacted as supply could overpower demand.
Whilst falling prices would ordinarily be a good sign for hopeful first-time buyers, a report by the Resolution Housing Foundation highlights that saving is much more difficult for renters currently and many lenders will also be asking for higher deposits in a bid to protect themselves financially. This, coupled with recent restrictions to deposits as a result of ‘the bank of Mum and Dad’ could present challenges in the long-term.