How Covid-19 is altering the way we buy and sell property
Covid-19 has affected every part of the way we buy and sell recently. Here we'll look into how COVID-19 is altering the way we think about property, plus how the pandemic is shaping and reshaping property market trends…
Work from home, and holiday here too
As a nation, we're changing our behaviour. We've been forced to re-evaluate the way we separate our work from our home life. That home isn't just where the heart is anymore either – it's where we spend a great deal more of our time too. That profoundly changes what we need from our bricks and mortar.
For example, holiday or short term lets are now more attractive than ever. Extra outside space or a home office aren't really trends either – they're merely a response to lockdowns and the reaction to a new requirement for functional home office spaces.
The measures taken by the government to stem rapidly growing case numbers have undoubtedly brought about many changes – but for those who deal with property regularly, the ‘new normal' is nothing new at all. Reacting to suit a changing market has always been perfectly normal.
Staging for success - why pointing tenants and buyers in the right direction works
While landlords and vendors can’t magically increase the size of a garden, they can make limited outside space more inviting. Showing prospective tenants or buyers who are on the move because of COVID-19 ‘how to use a room’ is likely to yield positive results.
If you already know what many of them want, it’s time to make that work for you.
· Try home staging a spare single bedroom as a home office, or include a desk/office area in a larger bedroom
· Invest in some garden furniture to make the perfect alfresco dining area or exterior lounge room
· Highlight the versatility and attributes of your property and you’ll be halfway to a signed lease or a sale
Location, location, location – but do we still need to be near the supermarket and the station?
Globally, more and more employers are committing to permanent work from home arrangements in the wake of COVID-19. The central tube station is no longer the draw it once was. Others might be prepared to trade off longer travel times to work for more rooms or a bigger garden. The fact they now work from home half the time and a fear of further coronavirus restrictions means they’re looking at property in a different way.
The rise of online (property) shopping
Likewise, the way we shop isn't what it used to be. Many have discovered the delights of buying groceries online, and June saw a 91% increase. In fact, we've found out there's hardly anything you can't buy there. More and more of us are waking up to a world where remote working and living isn't just a blessing – it's also made very possible by the digital age.
A huge number of businesses pivoted to an online model during the pandemic. Many have upped their delivery game as a result. Therapy, schooling, even your GP just got more available online than ever.
Lockdown may have been new, but it certainly prompted a large number of people to rethink what it means to be at home. Google Trends data between March and August 2020 reveals the UK topped the global list for searches related to moving house.
These are all things to keep in mind if you’re planning to sell your home during the current property boom post lockdown. Get in touch if you need expert advice on the best things to highlight, change, or look for on your property journey. We’re experts in the local property market and can let you know the increasing changes as they happen.