Current trends and shifting priorities within the property market

It seems that following the property market going into deep freeze for 3 months towards the end of March, many of us just can’t wait a moment longer to move house.  So, is now the right time to be moving house? Property website Zoopla reported in their May House Price Index that home sales are now surpassing pre-lockdown levels and that buyer demand has grown steadily since March.  Estate agents are already seeing even greater demand following the recent announcement by the chancellor regarding a stamp duty holiday until March 2021 on the first £500k of all property sales in England and Northern Ireland.

Changing priorities
Perhaps, as with various aspects of life during lockdown, the pandemic has brought into sharper focus what really matters to us, as well as making us realise what is not working for us. Space to be outside and to be with friends and family possibly coming top of the list.  Research published recently by property website Rightmove highlighted that searches for features such as gardens, balconies, terraces, sea views and swimming pools had shot up during lockdown as well as the huge surge in interest in rural and coastal locations.  Apparently, the TR postcode has been one of the most popular searches according to Rightmove with a 20% increase in interest shown by buyers.

A Savills survey which took place at the end of April found that almost 40% of respondents under the age of 50 said that they would look to upsize as they expected to work from home more in the future so needed a home office space. Those under 40 tended to be looking for more outside space, whilst a number of those over 50 were looking to downsize, potentially to be able to help younger generations of their family to buy a property.

Property prices
Some prospective home buyers and sellers expected to find property prices dropping and the market slumping following the release of lockdown, but so far, this does not appear to be the case. Zoopla report that the number of agreed home sales is up 4% compared to pre-lockdown levels in early March and house prices are up 2.4%. They also state that the level of buyer demand across the UK is 46% higher than it was in early March when demand for housing fell by 70%.

The local picture
A number of estate agents local to us with whom we regularly work, are reporting a significant increase in demand from out of county buyers which fits with the Rightmove report mentioned earlier. It seems that many people have found working from home has been a much more viable and enjoyable option than they previously thought.  The improvement in Cornwall’s broadband quality has also impacted on this trend and allowed people to consider ditching the commute and moving to an area which they would not have considered feasible prior to lockdown.

Get in touch
So, whether you are already living in Cornwall and looking for a property which better meets your needs, or from out of country looking to relocate, our experienced property team at Penderlaw would be delighted to help you with your move. We offer fixed price quotes and are accredited by the Law Society Conveyancing Quality Scheme. You can reach us on 01872 241408 or email us at property@penderlaw.co.uk