The key trends we have noticed during the pandemic
A year of being homebound has given us a lot of time to reflect on what’s important in our personal and professional lives, and we’ve seen a huge shift in attitudes within the property sector too.
Over the last 12 months, there has been a huge change in the way homeowners and tenants view their homes.
Here are just some of the significant developments since the pandemic:
Home renovations have spiked massively
Being trapped inside has left people with plenty of time to reassess their current living situation and notice cracks and flaws they’d previously been able to overlook.
As working from home became a ‘norm’ for the country, we found that our living spaces were impractical and did not help us maintain a healthy work-life balance, with issues over Broadband speeds, unsuitable desk set-ups and distracting environments.
Regardless of the restrictions in place, it was so essential for the UK workforce to have more space that over 60,000 applications for planning permission were submitted by homeowners wanting extensions.
Over this period, we have also spent a combined £55 billion on renovations and DIY projects.
When asked, 63% said their reasons for completing renovations right now was due to having spent more time at home and wanting to improve their living situation, whilst other common reasons were to prepare their property for sale.*
More homebuyers are looking to escape to the country
As a result of our search for more space, Rightmove have reported a 69% rise in the number of sales being agreed for properties in rural areas, compared to 49% in urban areas.
With spring and summer on the way, as well as the prospect of lockdown regulations being lifted, many Brits are currently on the search for bigger gardens and a new lease of life with larger properties.
If you are looking for more information on recent changes in the market, get in touch with one of our expert agents.
*money.co.uk
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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