Revealed – what are Brits thinking when it comes to moving home?
If you are selling your home, or thinking about selling it in the not too distant future, it’s always a good idea to have a handle on the kind of market you’re entering.
This is even more important at present, with the impact of Covid-19 to factor in, which has drastically changed buyer priorities in many cases.
Here, we take a closer look at a new survey which shows what Brits are currently thinking when it comes to moving home and how lockdown has changed the way they see their homes.
Young homeowners the most likely to move
Brits have got to know their own homes better than ever this year, having been confined to them for much longer than usual thanks to the various states of lockdown imposed in 2020 to combat coronavirus.
But how has this impacted how people feel about their properties? And has Covid-19 affected their decisions when it comes to potential relocation and renovation?
A new poll from luxury glazing and bifold door specialists IDSystems has sought to answer some of these burning questions.
Its research found that 26% of homeowners are considering moving in the next 12 months, with 55% of those decisions directly influenced by the pandemic.
Meanwhile, half of UK homeowners aged 18-24, and one third of those aged 25-34, are planning on moving house in the next 12 months due to Covid-19, with 26.4% of those surveyed in London planning to move because of the impact of the pandemic.
The survey of 1,000 UK homeowners also revealed that, aside from Northern Ireland (61.1%), London has the highest number of people preferring to live in the city (46.4%), going against the grain of the perceived trend for people seeking suburban or countryside living over residing in the city since the pandemic began.
The importance of the great outdoors
In line with most pieces of research conducted since the pandemic, the survey revealed that the desire for outdoor spaces has become far greater, with one third of homeowners aged under 45 stating that a bigger garden is the feature they would most like to add to their current home.
More natural light (15.8%), though, was deemed more popular than a number of practical additions, such as a home office (13%) or home gym (11.9%).
Is now a good time to sell?
For a number of reasons, not least the post-lockdown housing boom that has kept prices high since the market reopened in mid-May, now remains a very good time to sell.
Low interest rates, the stamp duty holiday, positive mortgage conditions and a desire to move because of changed lifestyles and priorities is helping to keep demand very high, which is in turn giving sellers plenty of bargaining power when it comes to negotiations on asking prices.
The stamp duty holiday, in particular, is helping to fuel demand and this is only likely to ramp up as the deadline for its expiry (March 31 2021) gets ever closer. Despite loud calls for it to be extended, which now includes a petition calling for the holiday to be prolonged for another six months beyond March 31 next year, the government has so far showed no signs of budging, which means buyers looking to take advantage of tax savings will still need to act fast to guarantee a purchase in time.
If you are buying and selling at the same time, and also want to take advantage of the savings, you’ll need to act quick to improve your chances of getting a sale over the line in time. The longer you leave it, the worst your chances will be. Of course, stamp duty is only paid out upon completion, which means if you haven’t fully completed before the deadline hits, it seems likely that you will pay stamp duty rates as normal.
Annual Christmas boom
For the last few years, there has been lots of stories about how property browsing soars over the festive period as people use the extra time at their disposal to search for their dream property. Alongside watching the Strictly special and eating too many roast potatoes, it has become people’s favourite Christmas pastime.
The portals always report record traffic and page views in the period between Christmas Day and New Year’s Day, with Boxing Day a particularly popular day for property searching.
This means, of course, if your home is already on the market before Christmas hits, there is a greater likelihood of many more eyes on it – increasing its exposure and your chances of selling.
If you delay, you could be missing out on this captive audience and this heightened demand. By listing now, too, you ensure you are well set for the annual New Year boom which sees activity and sales motor in January.
This, once again, is likely to be even more heightened this year thanks to people rushing to take advantage of the stamp duty holiday, while the positive news about a vaccine rollout across Britain should also help to keep certainty high as more certainty is provided. Brexit uncertainty may continue to bite, particularly if there’s no deal, but this has largely been priced into the market already.
If you are thinking of selling now, or in the next few months, please get in touch with us at Key Property Consultants for more advice on how you can do so successfully. We will do all we can to get your home sold while adhering to all the latest Covid guidelines and restrictions.
To find out more about selling your home in South East London, contact us on 0203 793 2033 or email us at firstname.lastname@example.org. You can find out more about our range of services here.
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