Has The New Normal Arrived Yet In Housing Market?

A survey carried out by Zoopla, who spoke to more than 2,000 home movers, suggests that the vast majority of respondents intend to carry out their moving plans. 86% of respondents who were planning to move before the COVID-19 pandemic started still intend to move.

As the market looks to recognise the “new normal”, the study found 54% of property movers have changed their priorities because of the lockdown. In London and the South East, 40% of buyers intend to stick to their plans of moving in the next 12 months. As for the whole country, one third of buyers say that while their moving plans might be delayed, they still intend to move at some point in the next year.

There are valid reasons to delay a property move

Of the respondents who said they have delayed their moving plans, 31% have spoken about the downturn in the house prices as the reason for their change of heart. The impact on the economy was cited by 30% of respondents, and 22% said the impact on their individual employment and income was the key reason for changing their plans.

Support is available for people who wish to move

Andy Marshall, Chief Commercial Officer at Zoopla, spoke about these findings, saying: “Given the unprecedented impact of coronavirus, it’s to be expected that home buyers and sellers will have reordered their priorities and what they are looking for from their next home move.”

Andy continued by saying; “It’s reassuring to see that 86% of those who had planned to move before lockdown still intend to go ahead with their plans in the near term. Without doubt, lockdown put the functionality of many homes under pressure, and many homeowners have emerged with a revised list of requirements that they’re looking for a new home to fulfil - as well as a need to move, fast.”

Given how we live our lives, both in work and with our free time, is likely to change, it shouldn’t be a surprise if our expectations and demands on our home changes too. Andy Marshal also said; “With more Brits looking to travel into the office less often, while socialising at home more, expectations of what a home can deliver look likely to be greater than ever. We expect many home movers to reset their work-life balance, with greater emphasis on finding a home that will accommodate these lifestyle changes.”

It shouldn’t be a surprise that garden space is in demand right now, and this is another topic issue highlighted by Andy Marshall, who said; “In addition, whilst always popular, a garden or private outdoor space, as well as proximity to parks, the countryside and coast, have assumed a new level of importance. Inevitably, home movers want to fortify themselves against the impact of any future lockdowns - should they arise.”

At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.