Posted in November 2020
The industry has seen a demand for more properties that have enough room for office space, to enable people to work from home when required and also somewhere with a garden or balcony. Being in close proximity to parks is now also a major consideration.
Londoners who are either looking to buy or rent are now seeking houses/flats with either two or three bedrooms according to Rightmove. And over 50% of those surveyed confirmed that the lockdowns had influenced their revised priorities when searching for their next home.
Across the industry, a surge in demand is being reported for an extra room that can be used as an 'office space' for working from home, followed by a garden or outside space (balcony/roof terrace) and close proximity to cycle routes or a park. A recent report from the Royal Institution of Chartered Surveryors (Rics) confirmed the change in what are now altered priorities.
Based on speaking to buyers, more than 4/5ths of the property professionals surveyed across the UK (81%) believe there will be an increased demand for homes with balconies, gardens or terraces.
Almost 74% (nearly three quarters) have predicted an increase in demand for homes nearer to parks, outside green spaces and almost 68% believe that properties with less communal areas and more private space, will be more desirable as a direct result of living through the COVID-19 lockdowns.
There is also the belief that buyers will ultimately be less likely to see the appeal of living in tower blocks and very built up urban areas.
The desirability of having a home near major transport hubs such as train/tube stations and bus stops is considered unlikely to change.
Rics Chief Economist - Simon Rubinsohn, said: “There are already signs that those looking to buy a house are responding to the conditions created by the pandemic by seeking out properties with gardens or balconies and nearer green space.
“These and other similar features are likely to increasingly command a premium over higher-density urban locations, according to respondents to the survey.”
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