Demand Returning In Property Market

29th May 2020 posted in Property News Sellers Buyers

While there is a range of opinions about Rightmove in the property industry, there is no denying they are a large organisation that people turn to when buying and selling homes. Therefore, when Rightmove says they have experienced their busiest day on record, there is a clear indicator that people are interested in homes.

When the housing market re-opened, there was an initial spike of interest, but these new figures are for May 27th. Rightmove claimed to have experienced more than 6 million visits for the first time in their history, and this occurred on the 27th. Compared to the number of visits on May 27th 2019, the 2020 figure rose by 18%.

The Commercial Director of Rightmove, Miles Shipside, said; “The challenge agents are facing is handling this surge in enquiries, having a process to deliver virtual viewings, and setting up socially distanced and safe physical viewings.”

People’s priorities for housing will change

Rightmove expect the growing number of people who work from home to impact the property market. If people no longer need to consider the daily commute when looking for a home, there will be a higher degree of freedom in choosing a home.

Location issues will still influence what people look for in a house. Factors like schools, restaurants, bars, shops and travel options will remain important, but if people have greater freedom to work remotely, there might be less of a need to live in certain areas.

West Hampstead has a lot to offer

There is no denying West Hampstead is a convenient location for commuters, but this is far from being the only reason to live in this stylish part of the capital. The sense of community spirit, the socialising opportunities and the infrastructure for family life all ensure this is an area with a great deal to offer.

Also, not everyone is going to work from home, and there will be many people who will still attend the office, even on a reduced basis. The idea of running off to the countryside might be an appealing one, but London will remain the place to be for so many reasons.

The increasing demand for remote working will also affect what buyers want to see in a home. There will be a higher level of demand for a home office space, and this is something vendors should consider when preparing their house for market.

It is not though as homeowners should convert a bedroom into a home office, this would be counter-productive. However, if there is another space of the home that could be set up as a professional-looking home-office, it will make a home more appealing to a likely buyer.

The housing market, much like all aspects of everyday life, is evolving rapidly due to the way we deal with COVID-19. If you want to stay informed of the latest developments, we are here to help you.

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.