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ARE OUR PROPERTY PRIORITIES CHANGING POST-LOCKDOWN?

Lockdown is coming to an end in the UK, and while we all collectively breathe a sigh of relief and celebrate the reopening of pubs, it is also a good time to reflect on we’ve learned during this sustained period of time at home and to see whether our housing priorities have changed.

Prior to the onset of the COVID-19 pandemic, when buying a new home, the main criteria for buyers would typically be:

  • Size – is the home going to be large enough to accommodate the family/individual’s needs?
  • Location – is it close enough to places of work and schools? What will the commute be like?

Since the pandemic and subsequent lockdown however, buyer priorities have shifted, and as the housing market begins to recover and we see an uptick in the number of sales once again, estate agents are seeing interesting shifts in the things we’re finding most important for our future homes.

Buying a house that is simply just large enough for normal family life now needs to be a home that would be a comfortable place to live should we enter another period of lockdown. More and more people are electing to work from home rather than return to the office prompting the need for a home office space and the assurance of a fast broadband connection. Most importantly for many however is the need for an outdoor space whether that be a simple balcony or a large garden – after a sustained period of time at home, it’s more important than ever that we all have a private outdoor space in which we can get fresh air, soak up the sun or be around nature.

But what does this mean for the housing market?

While it is certainly a positive that we are seeing a renewed appetite in the housing market currently, these trends could exacerbate certain problems that we are already facing as a country. Demand for a certain type of home will inevitably increase prices, and in an already overpriced market that many struggle to buy into we could see more people unable to get a foot on the housing ladder.

The only way around this is to ensure that more of a focus is put on producing genuinely affordable homes across the country, as well as homes that are fit for purpose and embrace many of the new qualities we’re finding desirable in this post-lockdown society. While it is impossible to forecast exactly what changes we’re going to see in the industry throughout the rest of 2020, it will certainly be interesting to see how the housing market adapts and what this means for the continuing affordability crisis.

 

This article is for educational purposes only and does not constitute investment advice. This article does not amount to an invitation or inducement to buy or sell an investment nor does it solicit any such offer or invitation in any jurisdiction.

In all cases, readers should conduct their own investigation and analysis of the data in the article. Readers are strongly encouraged to seek independent legal and financial advice when considering an investment in strategic land. All statements of opinion and/or belief contained in this article and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Intro Crowd’s own assessment and interpretation of information available as at the date of this article.

No responsibility or liability is accepted by Intro Crowd for reliance on the contents of this article. 

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