With the lockdown being hard on everyone, it has seemed to open up minds in what people want from a home. At the end of April, Savills did Market research with buyers and sellers that were registered with them to see if Coronavirus has changed their opinions on buying, selling and the property market. 39% of under-40’s noted that they were looking to upscale to make sure their property needs were met. Another large factor for under-40’s was the importance of outside space. As we are uncertain of what will happen for the next few years after lockdown, it may be a priority for some to have a space for an office or work area with a garden.
READ MORE: https://www.savills.co.uk/blog/article/299655/residential-property/savills-residential-market-survey–changing-priorities-in-light-of-the-covid-19-pandemic.aspx
Rightmove have added to this and found that recently buyers and renters have been searching for properties with gardens, exceeding all previous data from searches. As well as this they have explained that renters are gearing their searches to be near the coast or rivers. This they argue could be due to those living in larger cities having less access to larger outdoor spaces, which has become more prevalent during lockdown, creating a bigger demand for it as outdoor space such as coastal walks have become more appealing.
Figures from Rightmove show that a change in location statistically has increased, with those living in London looking to move, looking outside of the city. Last year in April this figure was 42% compared to this April at 51%. These figures have correlated in other major cities across the UK, with Edinburgh’s figures up by 7%, and Bristol’s up by 4% as well as many more.
READ MORE: https://www.rightmove.co.uk/news/articles/property-news/home-movers-determined-to-move-post-lockdown-buyers-look-out-of-city/
With business’s changing their ways and people working more from home, it creates a decline in need to be living in cities, where they work. If they only need to visit the workplace once or twice a week, it means workers can expand their property search to more rural areas as usually property is cheaper, or they can get more for their money, which they can now use on longer commutes. Therefore, if companies do change the ways in which some businesses operate, the effect on the housing market could shift.