Hornchurch Buyers - Behaviour Post-Lockdown

20th July 2020 posted in Home Lifestyle

Many people are keen to stay up to date with the housing market, and what buyers are looking for. At Hunters Hornchurch, we work hard to ensure you can make informed decisions regarding the market.

This is why a survey of 2,000 home movers, conducted by Zoopla, is likely to be of interest. 86% of people who were planning to move before the COVID-19 pandemic say they still intend to move.

Other highlights of the survey include:

·         54% of respondents have changed their priorities since the lockdown

·         40% of buyers in London and the South East of England say their moving plans over the next 12 months haven’t changed

·         31% of respondents who say their plans have been delayed cite the downturn in house prices as the key factor in their decision

·         30% of respondents who say their plans have been delayed cite the impact on the economy as the key factor in their decision

·         22% of respondents who say their plans have been delayed say the impact on their employment prospects and household income are the key factors in their decision

Andy Marshall is the Chief Commercial Officer at Zoopla, and he spoke about changes in the market, 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.”

Work-life balance matters to people

A key area of interest for many observers of the housing market right now is how will people find a work-life balance as we move forward. 85% of respondents expect to work the same hours or fewer hours in the next few months. 42% of respondents expect to work remotely on a more regular basis and this feeds into more than half of respondents under retirement age saying they expect to commute less regularly.

Therefore, it is likely that lifestyle switches will influence what people look to do in the housing market. 22% of respondents say having a home office space is becoming a priority. For respondents aged between 35 and 49 years old, 34% of respondents said this was a priority.

30% of respondents say they have increased the amount of DIY work they undertake, 43% have said they are doing more gardening and 35% of respondents expect to take more holidays in the United Kingdom.

Andy Marshall 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 is conceivable that people will look for homes with bigger gardens or access to public parks and green space close to home. This will influence buyer behaviour, but it will also shape what vendors should do to connect with buyers.

Andy Marshall 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.”

If you are keen to stay in touch with the local housing market, we can help. At Hunters Hornchurch, we are on hand to ensure you receive all the guidance you need in the local property market, and we are here to assist you.