Stoke Newington Market: Further Shifts In Consumer Behaviour

22nd July 2020 posted in Property News Home Lifestyle

While it is pleasing to see the English housing market up and running, it would be wrong to say it was business as usual or that things have to normal. There have been positive signs regarding the level of activity in the market since mid-May, and there is a wide range of opinions on how long this initial bounce will last.

At Hunters Stoke Newington, we are committed to staying in touch with the market, and we are following reports and surveys issued by leading players in the industry. Both Rightmove and Zoopla have prepared reports on market activity, and buyer behaviour in the market.

It is fair to say that the COVID-19 pandemic has affected buyers, and influenced what prospective buyers are looking for in a home. This is interesting to know, and if you plan on selling your home in the near future, it is vital you consider the latest data.

Buyers are looking for different things in the housing market

Dataloft are well-known in the property industry, and they regularly provide data which indicates what consumers are looking for. Iain McKenzie is the CEO of The Guild of Property Professionals, and he believes the most recent figures from Dataloft indicates buyer behaviour in the market right now is strongly shaped by the pandemic.

McKenzie said; “COVID-19 has prompted many people to re-evaluate their ideal home. Now, more than ever, buyers are looking for homes with easy access to outdoor space, and it is highly likely that we will see the importance of such space increase. Currently, only 66% of flats have access to private outside space, compared to 97% of houses.”

McKenzie spoke about the variance in price some buyers are willing to pay if a property provides them with access to outdoor space.

Outdoor space is a priority right now for buyers

If you are selling your home now, or soon, you must be aware of the importance of outdoor space. If you have a garden, make sure you tidy it, and try to stage it so it will appeal to a likely buyer. If you can differentiate your property from others in the local area, you will enhance your chances of connecting with a likely buyer.

He continued by saying; “Data reveals that there is already a £2,500 price premium for homes within 100 metres of green space when compared with homes 500 metres away. As the value and demand for homes with access to green space increases, we could see a shift in building design moving forward.”

Will there be a need to consider the commute in the future?

While this isn’t the case for everyone, if remote working becomes a permanent feature in the marketplace, it will influence buyer behaviour.

McKenzie said; “While we may have seen homes closer to public transport being sought-after pre-COVID, those who aren’t working from home are now avoiding public transport where possible, and are opting for alternative ways of getting to work. Since lockdown, there has been a 70% increase in people commuting by bicycle, with the government encouraging schemes such as pop-up cycle lanes, wider pavements and school streets.”

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 Stoke Newington today for all your housing and letting needs.