January 22, 2024

The home-buyers wish-list

What a year it has been for the property market. We have had the lowest-ever supply of properties with unprecedented demand for three-bedroom family homes. We have seen homes come onto the market and sell within days, sometimes even hours, for excess of the asking price - this is largely down to the Stamp Duty tax reduction, which created a buoyant property market but causing somewhat of a property shortage and within the Braintree district, Zoopla's latest data (2021) states that 3-bed semi-detached properties surged by 107% compared to 2019's pre-pandemic data.
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But since the recent pandemic, what other factors have altered potential homebuyers purchase wishlist? A survey by the Financial Reporter undertaken in September 2021 provides us with further answers;
Moving Outside
Having a garden- or some form of outdoor space is considered the single, most important factor. This replaces the square footage of the property, which was deemed most important in 2019's survey. After three lockdowns, it is of no surprise that outdoor space is the highest priority. Properties with gardens or within walking distance of parks/open green space are valuable UK assets.
Square footage still remains high on the homebuyers list, coming in second place. With the introduction of flexible working-from-home, extra space for an office is highly sort after. The Stamp duty tax reduction has meant buyers have been able to make the most of their extra money to gain this extra space.

Staying Connection
The importance of being in an area where Broadband and internet connectivity is good has moved into third place, up five, from its previous 2019 ranking of eighth. (Market financial solutions 2021) This increase highlights the change in the homebuyer perspective since the coronavirus pandemic.
Ranking down
The once, very important factor, to live close to transport links, saw a dramatic fall post-lockdown.
Receiving only 67% of votes for importance - down 16% from the 2019 survey. (Market financial solutions 2021) With the introduction of working-from-home, there is a dramatic lack of emphasis on the importance of travel and the pandemic saw many people abandon the city life for the less populated countryside towns (Market financial solutions 2021).
The financial market survey shows that the pandemic has changed homebuyers perspective on what they really want and need from the property they call home.
To read the full report go to www.financialreporter.co.uk.