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Buyers and Sellers Take Advantage of the Stamp Duty Holiday

New data suggests that buyers and sellers within the nation’s capital have been seeking to take advantage of the stamp duty holiday, with the numbers of new instructions and transactions rising by 72% and 40%.

According to the data from LonRes, new instructions in March were 72% higher than the year before, with new listing having increased by 24% over the five-year average. Over the whole of Q1 new instructions were up 18% on Q1 2020, although 1% down on the five-year average (2015 to 2019). Transaction volumes (exchanges) in Q1 21 were up 40% on Q1 2020 and 22% higher than the average Q1 figure between 2015 and 2019. All price brackets recorded an annual increase in sales. But the market under £1 million was busiest over the last three months, with a 52% increase in the number of properties sold compared with the same period a year earlier. The number of properties going under offer in Q1 2021 was up 26% on Q1 2020 – the highest Q1 figure since 2014. Q1 2021 also outperformed the long-run average (Q1 2015-19) by 27%. Achieved prices over the last three months (Q1 21) fell by 2.8% in Prime Central London (PCL), 1.9% in Prime London and 2.2% in Prime Fringe, with houses continuing to outperform flats (chart 5).

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LonRes head of search Marcus Dixon said: “The run-up to the end of the stamp duty holiday on 31 March was always going to be a busy time for the housing market and prime London was no different. Encouraging news on the vaccine roll out, together with a detailed road map out of lockdown resulted in a renewed confidence for London’s prime housing market and a surge in activity over the first quarter of the year.”

The first two months of 2021 saw relatively subdued levels of new instructions, with volumes listed for sale falling short of both the previous year and longer run five-year average (2015 to 2019). Of course, at this point vendors thought the stamp duty holiday would be ending on 31 March and the possibility of their buyers, let alone them, being able to complete their purchase before the 31 March deadline was slim.

But an extension, announced by the Chancellor in the Spring Budget saw a further three-month extension (alongside a tapering until September). This boosted market confidence at a time when the government’s vaccine programme was well under way and a roadmap out of lockdown was published.

As a result, March saw new instructions rise, with 24% more properties listed than the March five-year average (2015 and 2019) and 72% more than in March 2020 (albeit that some of March 2020 was spent in lockdown).

Looking at volumes quarterly the surge in new instructions in March cancelled out the falls in the first two months of the year. Overall, in Q1 2021 there were just 1% fewer new instructions than the long-term (2015-2019) Q1 average.

Dixon added: “With the stamp duty holiday deadline initially set for the end of March, new instructions were subdued. But the announcement of an extension in the Spring Budget brought with it a rise in the number of new properties coming to the market and boosted the month overall. It was the market below £1 million that saw the most significant annual increase in sales – unsurprising given this is where the biggest saving, as a proportion of total buying costs, was to be made. But the top end of the market did well too. Despite travel restrictions still being in place, limiting overseas buyer demand and the stamp duty holiday being of less financial importance we saw transactions rise in this market as well. Transactions at the top end of the market were higher than both the 2020 and long run average in Q1.”

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Transaction volumes across prime areas of London rose significantly in Q1 2021. Sales were up 40% on Q1 2020 and 22% higher than the five-year average (2015 and 2019). Indeed, the number of sales in Q1 2021 was the highest since 2016 (when investors were rushing to purchase before the introduction of new additional property stamp duty rates).

A stamp duty deadline has impacted activity this quarter too, as buyers again raced to meet the old deadline of 31 March. The busiest market in the first quarter was the market below £1 million which saw a 52% annual increase in sales.

Yet this rush of activity appears to be about more than just stamp duty savings. The upper end of the market (where the saving accounts for only a small proportion of the overall price) was busy too, with 22% more sales at £5 million or more in the first quarter this year versus last and 41% more than the previous five-year average.

That said, it was our Prime London and Prime Fringe areas which saw the most significant annual increases in sales, with a 43% annual change in Prime London and 54% in Prime Fringe compared with a still impressive 17% annual increase in PCL.

Looking ahead this increased momentum looks set to continue. Comparing the number of homes put under offer in Q1 2021 shows a 26% annual increase (27% higher than the 2015 to 2019 average), with the number of properties put under offer the highest first quarter figure since Q1 2014.

In the first three months of 2021 achieved prices across prime areas of London fell. With PCL recording a 2.8% annual decrease followed by more modest falls of 1.9% in Prime London and 2.2% in Prime Fringe. Increased activity in Prime London and Prime Fringe meant that overall price falls were more significant (as fewer higher value PCL sales were included in the numbers this quarter).

Houses continue to outperform flats outside PCL, with achieved prices in Q1 21 higher for houses in both Prime London and Prime Fringe. This compares with falls for flats across all markets.

BY PETE CARVILL

Source: Property Wire

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Average Price of Property Coming to Market Jumps 2.1%

The national average price of property coming to market has hit a new all-time high of £327,797, following a 2.1%, or +£6,733, monthly increase.145,000 properties were newly marketed this month, with the number of sales agreed up by 55% on the same period two years ago, reducing the stock of properties that are available to buy to the lowest proportion ever recorded

Barrows and Forrester managing director James Forrester, said: “A record-breaking month on many fronts with asking prices increasing at an incredible rate, as a heightened level of demand pushes property values ever higher. This price growth is also being driven by a lack of available stock, particularly second stepper suitable two and three-bed homes. In fact, you’d have an easier time finding a straight-talking politician than you would a decent three up, three down in current market conditions.”

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Benhham and Reeves director of Marc von Grundherr, said: “The top end of the market is driving current performance with the strongest rates of house price growth and, unlike the regular market, this train is unlikely to come off the tracks when the stamp duty holiday expires. While a considerable cash saving in stamp duty tax is nice, it’s not the driving force behind prime property purchases and so we’re not seeing the mad scramble to complete that is causing havoc in lower price tiers. It’s very much a case of the hare and the tortoise in this respect and while the general market is sure to run low on steam come the end of the year, the high-end market is likely to keep moving forward at a strong and consistent pace. We’re seeing this in London more than anywhere at present, having lagged behind and, in fact, suffered to the greatest extent over the last year, the market is now starting to turn and at a pace that will ensure a cleaner bill of health come September and beyond.”

Yes Homebuyers founder and managing director Matthew Cooper said: “Please don’t be fooled by claims that homes are ‘selling’ at their fastest ever rate. This couldn’t be further from the truth and while sellers are securing a buyer at an incredibly quick pace, the time it’s taking to actually complete is significantly longer than it has previously. As a result, sales that should be done and dusted are stagnating for months on end and many are falling through as a result. You have to question if a platform with the visibility of Rightmove should be fuelling the current market hysteria and the resulting logjam by spurting fluffy statements around record-breaking market sentiment.”

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Keller Williams UK CEO Ben Taylor said: “House prices have gone stratospheric and if you believe that what goes up, must come down, then surely we must be due a correction soon. That said, there have only ever been two periods in the last thirty years where house prices have fallen over any significant time and so there are smarter bets to be made. If anything, the new Government-subsidised low deposit mortgage, and interest rates that are set to fall still further, will probably cause this explosive market to continue crackling.”

Ascend Properties managing director Ged McPartlin, said: “At the rate the current market is moving, there will be no houses left to sell. It’s great to see the North is the engine room powering this immediate market performance with some astonishing 9% plus annual rates of growth in both the North West and Yorkshire. Yorkshire alone has enjoyed a 4.2% increase on a month-on-month basis which is usually a rate of growth reserved for annual performances and really highlights how quickly the market is moving at present. If this rate of growth were to continue, Yorkshire folk could expect to see the value of their home increase by £116,000 in a single year.”

BY PETE CARVILL

Source: Property Wire

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Number of UK Second Homes Climbs to 495,000

The number of second homes in the UK has risen by 30% over the last five years, to a record high of 495,000 in 2018/19, up from 382,000 in 2013/14, shows an analysis of the latest available MHCLG data by Houst. 451,000 of the 495,000, or 91%, of those second homes are located in England.

Houst co-founder and chief commercial officer Tom Jones said: “The likes of Airbnb and other platforms have revolutionised second home ownership and have certainly been one of the main driving forces behind second home ownership. Owners are now able to generate income from their second home extremely easily, almost all year round.”

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He added that rising incomes, property’s continued draw as an asset class due to steadily rising house prices, and the shift to more flexible and remote working, are likely to have been the main reasons behind the rise in second home ownership over the period. The rise could also have been driven in part by the reduced value of the pound, making it more cost-effective to purchase property in the UK rather than in Europe, for example, that acts primarily as a holiday home.

Houst also explains that the last decade has seen a boom in the use of technology-driven property lettings companies that have made it more attractive and far easier for second home owners to generate income from second residences.

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He said: “One of the things, however, that second home owners still struggle with is the administration behind second homes. With staycations on the rise – even pre-pandemic – it’s almost like a second full-time job. Owners are constantly checking emails and enquiries from all the different platforms, ensuring the property is clean and ready for renters, and always looking ahead for opportunities to let out their properties.”

Houst says that the coronavirus pandemic, the time period of which the latest data from the MHCLG does not cover, presents some interesting questions for the future of second home ownership in the UK.

Jones added: “The restrictions on travel over the past year will have seen many second home owners debate the next steps for their second homes. Those that decide to continue letting properties – rather than selling or moving into them on a more permanent basis – will need to ensure they’re squeezing every pound out of their property.”

BY PETE CARVILL

Source: Property Wire

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Halifax: UK House Prices Have Hit A Record High

UK house prices have hit a record high despite rising at a slower rate than a year ago, according to the Halifax house price index this morning.

The lender said that the affordability of houses was “close to pre-financial crisis levels”, as house prices remained historically high at an average of £252,765.

The difference between the 2007 financial crash and today, is that mortgage rates are considerably lower.

Despite slowing their ascent in the first quarter of 2021, inflation has risen by 5.7 per cent, as the standard house price a year ago sat at £252,030.

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The 5.7 per cent jump was down from a nearly five year high of seven per cent last year, the lender reported.

Prices lifted only 0.3 per cent in the first quarter of this year, smaller than the 2.5 per cent jump in the final quarter of 2020.

The London property market showed slower gains in house prices over the start of this year, the “strongest” since the 2016 EU referendum, Halifax said.

The standard house price in Greater London sat at £505,359, down 2.5 per cent from the final quarter of last year, however, has edged 2.1 per cent higher in comparison to 2020.

Demand for larger properties carried through from last year, while existing houses were hit by rising inflation 6.2 per cent more than new builds.

Are we due another crash?

The outlook for the next six months appears to be bright, particularly with the help of the “ongoing government support,” CEO of property platform Twindig, Anthony Codling said.

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“There is a risk that when the extended holiday ends, the UK housing market will wake up with a hangover.”

However, Codling advised home buyers not to worry, “because at the moment mortgage supply is increasing, whereas, in the credit crunch, mortgage supply fell off a cliff edge.”

“The spring and summer selling seasons will be strong, but as the stamp duty holiday ends in September, concerns about another cliff edge will start to be voiced and this may soften house prices in the autumn.”

Financial analyst at AJ Bell, Laith Khalaf agreed that a looming financial crash is unlikely, because “the housing market has repeatedly confounded economists expectations, and it keeps going from strength to strength.”

With low-interest rates and “highly accommodative” government policy, the housing market has a strong supply and demand dynamic, Khalaf added.

“While there might be a few bumps along the way, particularly at the end of the stamp duty…the property market has proved itself to be unbelievably resilient. And in large part, that comes down to the efforts the government and the Bank of England have made to make mortgage borrowing incredibly easy and cheap.”

By Millie Turner

Source: City AM

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What is driving booming UK house prices?

What is driving booming UK house prices? – The main reason for the price rise is the introduction of a range of measures by the government that has made it easier to buy a new home. These include the extension of the stamp duty holiday and the introduction of a government-backed 95% mortgage scheme to help potential home buyers.

The stamp duty holiday was first introduced in July 2020 by Chancellor Rishi Sunak to give the housing market a boost following its shutdown during the first nationwide coronavirus lockdown in March.

Support for those at risk of losing their jobs, such as the extension of the furlough scheme, and also the better-than-expected growth of the economy and the successful coronavirus vaccine rollout have also contributed to increased buyer confidence and rising house prices.

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In the past year millions of workers have spent the majority of time at home and this has been another reason for the rise in house prices. The future of office work is still not confirmed and therefore many people are now looking for larger homes out of city centres, and properties with more outdoor space and room for an at-home office.

For those workers who have kept their jobs during the pandemic, and who haven’t been spending as they usually would, the Bank of England predicts that around £100bn has been saved, fuelling the housing market further.

“The Stamp Duty holiday and other comprehensive government support measures have enabled the property market to stare down the pandemic, against all the odds,” says George Franks, co-founder of London estate agency Radstock Property. “We all know that a giant fiscal squeeze and rising unemployment are on the horizon but for now the success of the vaccination roll-out, new living requirements and exceptionally low mortgage rates have lit up the market. Even if the property market does start to cool down later in the year, an extreme lack of stock will prevent a material fall in values. In London, rising unemployment will potentially be less of an issue than in the rest of the country, as the capital’s jobs market is an ecosystem in itself. Overall, we continue to expect average UK house prices in 2021 to rise by 2% to 4% depending on property type and location.”

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What is likely to happen next?

Demand for new houses is the reason for UK house prices rising. Halifax says this trend is likely to continue for the next few months, although it is cautiously optimistic, with warnings over what might happen when the government-backed schemes come to an end and the full economic consequences of the pandemic are felt.

“Right now, there is a huge bottleneck in the property market, with large numbers of prospective buyers and not enough new stock, and this is really driving up house prices,” notes Rhys Schofield, managing director of Peak Mortgages & Protection. “The sheer volume of prospective buyers is partly due to the return of first time buyers, as securing a higher loan-to-value mortgage has got a lot easier over the past month or two. With the Stamp Duty cliff edge looming, the lack of stock may be because next time buyers have less of an incentive to move, which frees up starter homes. House builders also shifted the vast majority of their stock at the end of last year and have limited units available within the next six months. We’ve even had a client reserve a property through one of the bigger national housebuilders, which won’t actually be built until early 2022.”

By Stuart Fieldhouse

Source: The Armchair Trader

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Long-term stimulus needed to bring the housing market to life

Long-term stimulus is needed to bring the housing market fully to life, and avoid short-term peaks and troughs, according to Robert Burdett, managing director of James Leigh property Management.

Burdett believes that the stamp duty holiday is an unprecedented and very welcome shot in the arm for the housing market when it was desperately needed.

However, he said: “But with lockdown now easing and COVID-19 firmly in retreat, now is the perfect opportunity to be looking at how the housing market can be built on firmer foundations than it has previously enjoyed.

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“The introduction of the 95% mortgage is a welcome move for first-time buyers, but more needs to be done to ensure the whole market can enjoy a stable future.”

Lending criteria currently prevent some buyers from accessing mortgage finance because on paper their income is not high enough to meet the lender’s criteria for income, even though they may be paying more in rent than they would be for a mortgage.

Data released by Estate Agency firm Keller Williams show the changing pattern of where people want to live, and the outdoors features strongly in the research.

Burdett said: “The research published by Keller Williams shows that the COVID-19 pandemic has changed the way people are thinking about the homes they want to buy.

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“Working from home in particular means that people are not as reliant on access to the cities, and so can buy where they want to live rather than where they need to access work.”

Support for the housing market for the long term could include a continuation of the Help to Buy scheme and reform to the mortgage industry so that affordability reflects current household expenditure.

Burdett added: “In the end, the housing market needs measures in place that will flatten the bumps in the road and create a sustainable future market.

“If the stamp duty holiday has taught us anything, it’s that short terms measures whilst useful at the time, do nothing for longer-term stability and growth.”

By Jake Carter

Source: Mortgage Introducer

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Majority of Property Transactions Since May 2020 Backed by Mortgages

Mortgages have fuelled 70% of property transactions across Great Britain since the market reopened back in May of last year, after initial lockdown restrictions were imposed, according to a research.

Enness analysed market data on mortgage-financed sales as a percentage of all sales in each area of Britain between May 2020 and November 2020.

While 270,785 of the 387,667 homes sold across Britain (70%) have seen the buyer backed by a mortgage, there is some regional difference. In London, 80% of all sales have come through homebuyers with a mortgage, with the East of England, West Midlands (72%), the South East and East Midlands (71%) also coming in higher than the national benchmark.

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In contrast, the South West is home to the most cash homebuyers with just 64% of homebuyers purchasing via a mortgage.

With the capital home to the largest regional percentage of mortgage-backed purchases, London also accounts for the top three highest at local authority level. Lewisham is the mortgage hotspot of Britain for homebuyers with 88% of all transactions financed via the sector, followed by Barking and Dagenham and Waltham Forest (87%).

Slough and Crawley are home to the highest percentage of mortgage-based purchases outside of London along with Hillingdon (86%).

At the other end of the spectrum, just 40% of property transactions in East Lindsey have been financed by a mortgage since the market reopened in May of last year. North Norfolk (43%), Argyll and Bute (44%), Torridge, Ceredigion (45%), Scarborough (48%), Rother, South Hams and Pembrokeshire also rank with some of the lowest levels of mortgage-financed transactions.

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“A lot has been made about the boost in buyer demand due to the stamp duty holiday, but it’s the continued low rates of borrowing that have really been the foundation of this heightened market activity.

While a stamp duty saving is nice, the ability to secure finance at a much lower rate of interest than historically possible has brought about a major boost to market sentiment in recent years and the impact is clear, with 70% of all transactions financed as such.

Some lenders have begun to tighten their lending criteria and this could make it harder for those with a less stable financial background to obtain a mortgage. However, it’s unlikely to impact the actual ratio of mortgage-financed buyers in relation to those purchasing with cash, particularly while the Bank of England keeps rates at sub-one per cent.”

BY PETE CARVILL

Source: Property Wire

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House prices reach new record high as property market booms

UK house prices hit a record high of £254,606 on average in March after jumping by 1.1 per cent month-on-month, according to an index.

Across the UK, the average price is around £15,000 higher since the start of the national coronavirus lockdowns in March 2020 – equating to an increase of more than £1,000 per month on average.

Values in March 2021 were 6.5 per cent higher than the same month last year, the Halifax said.

It said Government support measures and a stamp duty holiday have been key to bolstering the housing market.

Russell Galley, managing director of Halifax, said: “Following a relatively subdued start to the year, the housing market enjoyed something of a resurgence during March, with prices up by just over 1 per cent compared to February.

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“This rise – the first since November last year – means the average property is now worth £254,606, a new record high.

“A year on from the early days of the first national lockdown, March’s data shows that house prices rose by 6.5 per cent annually, or £15,430 in cash terms.

“Casting our minds back 12 months, few could have predicted quite how well the housing market would ride out the impact of the pandemic so far, let alone post growth of more than £1,000 per month on average.

“The continuation of Government support measures has been key in boosting confidence in the housing market.

“The extended stamp duty holiday has put another spring in the step of home movers, whilst for those saving hard to buy their first home, the new mortgage guarantee scheme provides an alternative route on to the property ladder.

“Overall we expect elevated levels of activity to be maintained in the coming months, with consumer confidence spurred on by the successful vaccine rollout, and buyer demand still fuelled by a desire for larger properties and more outdoor space, as work-life priorities have shifted during the pandemic.

“A shortage of homes for sale will also support prices in the short term, as lower availability always favours sellers.

“However, with the economy yet to feel the full effect of its biggest recession in more than 300 years, we remain cautious about the longer-term outlook.

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“Given current levels of uncertainty and the potential for higher unemployment, we still expect house price growth to slow somewhat by the end of this year.”

Mark Harris said: “The market rebounded strongly in March as buyers realised that the stamp duty holiday extension meant it was still possible to take advantage of the saving, while the continuing easing of lockdown provided further impetus.

“It is no surprise that the start of the year saw a more subdued market as lockdown and home schooling made viewings practically impossible.

“With hardly a day going by without another lender launching a high loan-to-value offering, and indeed rates coming down on these as more providers enter the fray, there is plenty on the lending front to tempt borrowers.”

Tomer Aboody, director of property lender MT Finance, said: “What we are seeing is a real lack of stock which in turn increases competition and house prices.”

Source: Irish News

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Stamp duty extension sees the property sales spike in March

The extension of the stamp duty holiday saw the property sales market spike in March with the renewed momentum looking likely to be sustained over the near term, the latest RICS Residential Market Survey has found.

The survey posted the strongest results in some months and those surveyed anticipated a busy three months ahead for the market.

Indeed, the month saw agreed sales hit the strongest level since August 2020 whilst new buyer enquiries were at a high last seen in September 2020.

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The report read: “The March 2021 RICS UK Residential Survey results show sales market activity picking up sharply over the month, with indicators on enquiries, sales and new instructions all improving noticeably compared to last time out.

“Survey participants highlight the extension of the stamp duty holiday as a significant driving force behind this renewed momentum, while a gradual loosening in lockdown restrictions is also said to be contributing to the rise in activity.”

Nigel Purves, CEO of Wayhome, added: “Demand clearly continued to outstrip supply in March, with a net balance of +59% of respondents citing a rise in house prices across the country.

“New buyer enquiries rose +42% – the strongest return since September 2020 and sales also spiked last month. This helped create a constant drumbeat of activity as we edged closer to the start of the traditionally busier springtime period.

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“While we are seeing a new-found confidence among many buyers and sellers, sadly this just isn’t the case for a large proportion of aspiring homeowners across the UK.

“Even with the stamp duty extension for an extra three months spurring on hopeful home buyers, there are many who find themselves overlooked and ignored due to their household income not meeting a mortgage lender’s criteria.

“This is despite them already having a deposit saved and being able to afford the equivalent of mortgage repayments in rent each month. More needs to be done to level the playing field and provide people with alternative routes into homeownership.”

By Ryan Fowler

Source: Mortgage Introducer

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Covid-19 has changed what buyers and renters find essential

More than a quarter of the UK’s renters and homeowners (26%) have found their property needs have changed since the outbreak of Covid-19, according to new research from Gradual Homeownership provider, Wayhome.

After more than a year of remote working and months of non-essential shops and eateries being closed to the public, previously “high-valued” property amenities have slid far down the priority list. Indeed, among the renters and homeowners whose property requirements changed amid the pandemic, the least important features are now having an easy commute to work (17%), being close to shops and restaurants (17%) and living near public transport (14%).

Wayhome’s research indicates a new set of property amenities will take precedence once lockdown lifts, given the prolonged time spent at home and likelihood of hybrid working for office-workers going forward.

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Indeed, when asked which property features had become more important since March 2020, more than a quarter (26%) said having the space for a proper home office was increasingly critical. And, given the fact so many working parents have had to juggle work and childcare commitments, the need for decent office space rose to 30% for parents, compared to 22% of non-parents.

As well as specific space for a home office, lockdown has caused a general desire for more space, be it for work or leisure. Almost a third (30%) of all homeowners and renters wanted more space in general, and a quarter (24%) said having a bigger bedroom was necessary.

And as more of us have spent time indoors, having access to a private garden has become increasingly important. 36% said this had become more important over the past year – a more popular desire among older people, especially 55-73 year olds at 52%, falling to 43% of 43-54 year olds and 35% of 24-42 year olds.

Similarly, a fifth (21%) of all respondents felt living near a public garden or green space was important to them, and the same number prioritised being near friends and family – a feature that resonated higher among women (25%) than it did for men (17%).

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Features which have become more important post-CovidFeatures which have become less important post-Covid
Garden (36%)Having an easy commute to your workplace (17%)
More space (square footage) (30%)Being close to local shops/pubs/bars and restaurants (17%)
A home office (26%)Being near public transport (14%)
Bigger bedrooms (24%)Balcony (13%)
Being near my friends/ family/ support network (21%)A home office (13%)
Being near public garden/ green space/ woodlands (21%)Off-street parking (13%)
Having an easy commute to your workplace (17%)Playroom for children (12%)
Being close to local shops/pubs/bars and restaurants (17%)Bigger bedrooms (12%)
Playroom for children (15%)Being near my friends/ family/ support network (12%)
Off-street parking (15%)More space (square footage) (12%)

This research looking at the impact of the pandemic on people’s changing property needs comes ahead of the launch of a report by Wayhome on the challenges facing the UK’s renters and homeowners.

Nigel Purves, CEO of Wayhome commented: “When you’re narrowing down your search for the perfect home to rent or buy, most of us will have a wish-list, usually split into the “essentials” and “nice-to-haves”. Our upcoming report makes it clear just how far these wish-lists have changed as the pandemic rolled on. In most cases, we’ve seen a complete reversal, with potential renters and homeowners prioritising the things that would make living and working in that space the most comfortable and fit for purpose.

“While having the flexibility to pick and choose a desired property based on its amenities and special features doesn’t seem too much to ask – for a lot of people it’s near impossible. Far too often renters are being driven into buying smaller first-homes or properties in locations that aren’t suitable. Despite earning a good income, affording a deposit big enough to secure a suitable home and hitting the affordability criteria set by mortgage lenders is unsurmountable – as evidenced by the fact full-time workers would need to spend at least 7.8 times their annual earnings to be able to afford a home in England*.

“With the end of lockdown in sight, now would be an opportune time for the industry to reassess the actual needs of renters and homeowners post-pandemic and support innovative and alternative routes that get more people onto the property ladder.”

BY MARCO CALLEGARI

Source: Property Wire

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