West Hampstead Market: New Shifts In Consumer Behaviour

23rd July 2020 posted in Home Lifestyle

At Hunters West Hampstead, we work hard to ensure you are kept up to date with how the local, and national, housing market is performing. We believe it is important to make an informed decision, and whether you are a buyer or vendor, you will feel more confident if you know how the market is performing.

Of course, with the housing market returning after a brief closure, and the impact of the COVID-19 pandemic likely to be felt for some time.

Both Zoopla and Rightmove have provided insight into the current level of buyer behaviour and what is being prioritised in the housing market. There has also been information provided by Dataloft, and this is good information to consider how other people are entering the market.

If you are keen to make a move soon, and you want to make an informed decision, rely on Hunters West Hampstead to assist you.

Dataloft figures indicate buyer demand is evolving because of COVID-19

Iain McKenzie is the CEO of The Guild of Property Professionals, and he believes the data from Dataloft indicates consumer buyer in the housing market has already been strongly affected by the COVID-19 pandemic.

McKenzie states; “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.”

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.”

Remote working will influence what is important for buyers

If people no longer have to commute on a daily basis, it stands to reason some households will look to live in a more rural setting. While there are many reasons to choose a location, such as standard of schools, house prices, local facilities, amenities, community groups and many other aspects, a lot of people want to be closely connected to their place of work.

If remote working becomes “the norm” for many people, there will be changes. Fast and reliable broadband connectivity will become a must-have feature and the presence of a home office space will be an issue that matters for more buyers.

McKenzie also said; “The lockdown has also proven to many sceptics that working from home is viable, and even convenient. Before COVID-19, only 5% of people mainly worked from home, and less than 30% had ever worked from home. I don’t expect the end of offices, as many people will miss them, along with the interaction and social benefits. However, working from home could become more common and with it, the relative importance of commute times, broadband speeds and space for a home office.”

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.