Much has changed in all of our lives since March 2020 and these ripples continue into the property market.
This is unsurprising as we have all been forced to spend more time at home and away from loved ones. These restrictions appear to have really influenced the thought processes and requirements of both buyers and sellers.
Changing motivations: Moving closer to family – We have all been kept away from families and now, in many cases, people when moving are looking to be closer together. In instances where our sellers are older, concern from their children about the potential long distance apart means that some are looking to sell up in their local area and move closer to their family located outside of the area.
Increased demand for outside space: Those living without easy access to outside space (i.e. gardens/balconies) are really now refocussing on properties that have these benefits. This can often mean only looking to move a few roads from where they are now but the ability to have their own external space has shot up the list of requirements.
Increased demand for Freehold: Similarly to the demand for outside space is really being able to live the way you want with minimal restrictions. For example, often cats and dogs are not permitted under the terms of many lease hold properties. With a freehold, sellers can often enjoy not only direct access to the outside space but the other fringe benefits including a wider range of pet ownership, entertaining larger groups outside for BBQs etc.
Increased demand for home working space: Somewhat unsurprisingly the ability to have either an office space, spare bedroom or even somewhere in the garden where an office or summer house can be built is now very much in demand. Working from a laptop at the dining room table or on the sofa was a passable solution for a few months however longer term, with many employers not minded for a rushed return back to offices, going forward a dedicated work space at home is high up the requirements list.
Internet connections: Although something outside of a property owner’s control, a strong and consistent internet connection is now moving up buyer’s requirements list. Not only because working from home often involves video calls or VOIP phones, but the rise in TV streaming services for the whole family are placing a strain on the available internet bandwidth.
Discovering the local area: In many cases sellers are telling us that since lockdown they have now discovered lots of local walks/views which they had previously overlooked. Being able to spend the time walking around the local area has revealed these undiscovered gems and a new perspective on spaces we pass by every day.
These motivations are likely to continue for some time to come. Digesting these changing motivations and thinking about how you can show off your property is helpful. For example, maybe make an area which shows how someone might work from home with even a small desk area.
If you would like a free valuation on your property or some general advice on what you can do to make your property more marketable then feel free to give us a call today on 020 8950 7777.
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