With credit to Rishi Sunak’s stamp duty holiday, as well as gradually lowering house prices, 2020 is becoming an ideal time for many to buy a new property. Despite the end of many first-time buyer home loans making it difficult for those looking to get on the property ladder, estate agents around the country are seeing unprecedented demand for enquiries and property viewings. This means that, despite uncertainty in the market, there is a clear demand for change. What many have previously prioritised in a home is now different.
This makes 2020 an incredibly interesting year for property buying trends, one that will continue to affect the previous conceptions of property value for the foreseeable future.
Having realised the cost of living without a garden during a time when spending time outdoors is increasingly risky, now they are a top priority. Homes with access to large and private garden spaces are becoming increasingly popular as more want to ensure they have a natural space to escape to should they need it. They also allow for quality of life-improving projects, such as growing food and transforming log cabins into offices or gyms.
More Rooms, Not Just Bedrooms
Typically, estate agents will refer to a home’s number of bedrooms as an indicator of the property’s utility. Hosting friends and family have been a leading preference for many. However, now it is the room itself that takes precedence over bed-space. Properties with extra rooms have the potential to accommodate a person’s professional life and recreational activities, which has no become more valued as high street institutions remain closed.
Devalued City Proximity
City life offers a buzz and gives a great opportunity for our career to progress. However, now some businesses are adopting remote working as part of their employee expectations, which allows many to move further out of the city, free of the obligation to attend office-based meetings five days a week. Already house-buying websites have seen a larger number of searches in sub-urban and rural properties.
There was a brief revival of open plan homes during the early noughties and, perhaps prematurely, it has returned. The comfort of small, characterful spaces is being left for open plan spaces that allow for homeowners to feel comfortable and free, while also accommodating groups of family and friends as they begin socialising more at home in lieu of public spaces.
Location, Accessibility, and Parking
A side effect of the pandemic is a shift toward travelling inland, aka staycations. This has led to more people to travel by car to destinations around the country. Having a home in good proximity to a variety of potential holiday environments, such as beaches and mountains, is more desirable, especially if it is equipped with great parking.
Now that more people are able to spend time at home, eliminating commutes and shopping online, they are able to take on projects around the house, especially those pertaining to renovation. This has led to a number of buyers looking to buy fixer-upper homes, preferring to save money on the cost and spend time working on the home instead.