Change In Demand From Buyers & Tenants?

24th June 2020 posted in Home Lifestyle

While we are waiting on news about the Welsh housing market re-opening, the English property market is back in business. There was a significant spike in demand when the market re-opened, which was to be expected. If you are looking to engage with the local housing market when it is safe to do so, we are here to help.

At Hunters Bridgend, we are watching developments in the English market closely. As you know, Hunters operates across the United Kingdom. This allows us to get genuine insight from agents, vendors and clients who are active now. This information will help us deliver a safe and secure service to you when the time is right to do so.

We are also keen to stay in touch with the changing demands of buyers and tenants. It shouldn’t be a surprise that how we deal with COVID-19 influences people’s behaviour, and this will make its way into the housing market.

People feel more connected with their community

Rightmove carried out a study where they spoke to buyers and tenants about what has changed for them in recent weeks. 57% of respondents said they feel closer to their community. This is an important thing, and there is no denying that in times of adversity, it is easier to work together to support people in your local area.

It might be that as we move forward, things revert back to how they were, but there is a feeling that many people will place greater importance on community. This means buyers and tenants will look for events, groups and activities outside of the home, and we believe Bridgend has a great deal to offer in this regard.

Gardens will always be important to buyers

Rightmove also asked what buyers and tenants are looking for with their next move. Again, it shouldn’t be a surprise to see both groups are keen to have access to a garden, or a bigger garden. 63% of buyers cited this, and 59% of tenants said a garden was an aim of theirs.

There was also agreement in the second most popular wish for buyers and tenants when moving home. 43% of buyers said they would like to move to a larger home and 41% of tenants are keen to move into a more significant rental property. Anyone who has spent a considerable amount of time at home of late will understand this feeling!

36% of buyers are keen to find a property with a designated home office space. Remote working is likely to become increasingly popular as we move forward, and many buyers will be looking for a house where they can work from daily.

Other changes buyers are considering for their next home include:

•                     Living closer to friends and family members, said by 24% of respondents

•                     Living closer to non-essential amenities, was cited by 15% of respondents

•                     Living closer to essential local services, raised by 13% of respondents

At Hunters Bridgend, we are proud to play a part in supporting a thriving and friendly local community. If you would like information or guidance on how we can assist you, or you just want to stay in touch with the latest housing industry news, please contact us today.