We have witnessed a great deal of consistency over the past few decades in the housing market. Properties in most major cities have seen consistent capital growth, with demand for renting remaining high. However, we have seen something of an upheaval in the market over the past few years that we can directly correlate with the introduction of the pandemic.
But what specifically can we contribute to the pandemic, what is the shift in behaviour that we are witnessing from homebuyers? Simply put, the pandemic has altered buyers perspectives on what they consider to be desirable from a home.
To find out more, we asked over 1,100 UK adults who own homes or intend to buy one a series of questions pertaining to the topic, and the results spoke volumes. With the introduction of remote working becoming widely accepted, an increasing number of homebuyers are targeting or have moved to rural locations.
The main reasons appear to be in search of a better work/life balance, lower house prices or rent, and outdoor space being more widely accessible via a garden or proximity to green spaces. In fact, when asked what was more or less important when buying property post-pandemic, the single most significant change was how it is now more important having a garden or outdoor space (44%) when compared to just 4% saying it was less important.
This was followed by 38% of respondents saying it was more important to have proximity to green spaces. Given that, prior to the pandemic, there was a strong preference for connectivity and being close to the office particularly in the North, the effect of the pandemic has been significant.
To read the full report click here.
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