Coronavirus has undoubtedly had a staggering effect on the property market. Extensive periods of market stagnation teamed with a dwindling economy had many estate agents preparing for a tumultuous year. Property buying and selling is on the road to recovery and data reveals that it could be at a faster pace than experts once assumed.
Property buyer trends
The global pandemic has certainly changed the way in which people are shopping for property. The summer of 2020 has revealed some interesting changes in what potential buyers deem important when looking for a new home.
Data released by TwentyCi has revealed property sales data comparing property purchases to summer 2019. This year, buyers are more likely to buy homes:
- In more rural settings
- That are detached
- That have gardens
- That have more than four bedrooms
Experts believe that, with more people working from home and consumers re-evaluating what is important to them, that these will be permanent and ongoing trends. Typically, buyers now seek larger homes and greener spaces to live and work.
Increased demand for houses
It was predicted that selling or buying a new home would be risky in 2020. However, with new buyer purchasing trends clear and the height of lockdown over, pent-up demand has seen houses selling fast.
The summer period has seen a mini market boom since a level of ‘new normal’ life returned. Interest in flats has slowed, with Zoopla revealing that they are taking an average of 34 days to sell. In contrast, all other types of property have been selling faster compared to last year. Three-bedroom family homes are, on average, selling 12 days quicker than the same period last year.
Whilst the number of homes on the market remains low due to the pandemic, those which are sought after following the new buyer trends are selling extremely quickly. London and the South East are experiencing the most action, with estate agents taking more care in photographing gardens, outdoor spaces, and home offices when marketing properties to sell.
Moving house during the pandemic
With property sales completing faster than ever, we understand that a number of our customers will need to move house quickly. Britannia Movers are operating in line with the advice provided by BAR and the government regarding the coronavirus pandemic. The safety of our customers and staff is paramount but we are able to facilitate moves regardless of your timeframe. You can find out more about how we are operating via our coronavirus updates page.
