At HoldenCopley, we have worked as hard as we can in the past year to assist clients, and make property moves as safe and as effective as possible. We know it has been a challenging year for many people, but the housing market has remained open since May of last year.
Also, the stamp duty holiday has created a lot of movement in the past year. The housing market has remained in robust condition throughout 2020 and 2021, but changes have taken place.
Buyer demand has shifted. Some previous desires have been amplified, while new elements and aspects are even more important.
Hopefully, the pathway to moving out of lockdown is followed, and we can move forward in a confident and effective manner. However, will things revert back to normal, or will we be living in the new normal as we go forward?
What matters to home buyers?
In the property market, there is a need for buyers, vendors and even agents like ourselves to consider what changes will influence the way people buy homes in the future.
Craig Fuller, of Stacks Property Search, has spoken about likely longer-term changes to property demand.
Craig said; “There will be a long hangover from the year we have all just experienced; and while it has been a struggle, many people have taken away positive changes which will affect how they choose to live in the future. Working from home is the biggest shift, the idea that we will return to the old days of a non-negotiable 9-5, five days a week, seems unlikely. Anyone whose work revolves around a desk is likely to view properties with a firm eye on where a home-based desk will be.”
Craig also said; “Everyone will want good outside entertaining space. Those buying small flats will seek out properties that come with roof terraces, balconies, or shared outdoor space. Large gardens will be expected to perform or have the potential to perform well. Buyers will want good ergonomics between house and garden that allow for outside kitchens, outside shelter, and a variety of areas that can be used by different members of the household who don’t necessarily all want to socialise with the same people at the same time.”
Has there been a change in family living?
There is no denying living through the pandemic and various lockdowns has bene lonely for many people. Some households decided to avoid this, by bringing elderly relatives into their home, or perhaps returning to the family home owned by their parents.
This isn’t a move which has been available for everyone, but for those who have bene able to move in this manner, it has been helpful. Having more people around you assisting with child care, and hopefully lessens the burden of home-schooling and remote working from one or two people.
There is no denying that this is a temporary measure, but given how well it has worked for some households, it is likely that this way of multi-generational living will continue for many households.
This could impact on the property market, the availability of homes, and the demand for property.
Craig Fuller also spoke about this, saying; “Another aspect of Lockdown life that has been a degree of multi-generational living. Many parents in their 50s and 60s have found themselves sharing their homes with young adult offspring, and while this dynamic can sometimes be tricky, plenty of families have found much pleasure in the arrangement. We expect a good proportion of this generation to delay the downsizing moment, preferring to keep the space for their 20-somethings to return to more frequently than had become the norm pre-pandemic.”
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.