It’s been just over a year since the first national lockdown, but how has this changed the property market?
Just over a year from the first national lockdown due to the COVID pandemic, the property market has experienced a boom, and it’s here to stay… But how has the property market changed over the past year?
Countryside and coastal regions see a boost
With more people working from home, the masses are no longer set on location and proximity to their workplaces, which has seen a rise in people searching for property in the countryside and coastal regions. In fact, Cornwall has even managed to knock London off as the most searched for region on Rightmove!
There was also a 69% rise in sales agreed for properties in rural areas, compared to 49% in urban areas. This is probably due to people wanting to be closer to green spaces as well as cleaner air and the more laid-back lifestyle in the countryside.
Rise in detached home sales
With more people working from home, many of us have reassessed our existing living spaces, inside and out. The number of people now looking for a garden has hit record levels, while the need for an extra room as a home office is also growing. All in all, this has led to an increase of 38% in sales of larger four and five-bedroom detached houses.
Renters are upgrading too
It’s not just home-owners who are looking to upgrade though, renters are also prioritising garden space and size too. A year ago, the most sought-after properties to rent were two-bedroom flats, now, however, two-bedroom semi-detached properties are the most popular type of rental properties.
And with home-working here to stay for a lot of people, renters are no longer tied to set locations and as such can find cheaper places to live, which has led to a varied market for rentals with increases in some places and dramatic reductions in rent in other places.