At Stones Residential, we have worked closely with buyers and vendors of late, and we know there is significant demand for homes. Dealing with would-be buyers in great numbers helps us understand what buyers are looking for.
We also stay in touch with the latest studies in the housing market, and what the leading property portals say.
Interesting points stated by Zoopla include:
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Interest in houses for sale has more than doubled as the pandemic drives buyers to search for more space.
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The number of people looking to snap up a family house has soared by 114% compared with levels typically seen at this time of year between 2017 and 2019.
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The average cost of a house has jumped by 7.3% during the past year, while the typical price of a flat has edged ahead by just 1.4%.
Gráinne Gilmore, head of research at Zoopla, said: “There is a continued drumbeat of demand for more space among buyers, both inside and outside, funnelling demand towards houses, resulting in stronger price growth for these properties. Sellers will need to consider this when it comes to pricing expectations.”
What is likely to happen next in the housing market?
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Even though buyer demand for property is dipping, it is 80% higher than usual levels for this time of year
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Even with falling demand, the supply of homes is nowhere near enough to meet demand
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Zoopla research suggests house price growth for all property types will reach 6% in the coming months
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After the stamp duty holiday ends and economic conditions tighten, Zoopla believes house price growth will reach between 4% and 5% by the end of 2021
What are the reasons people offer for needing more space?
A study by ConservatoryLand spoke to 2,000 and asked them about the need for space at home. This is a company who specialises in conservatories, so they have a bias in the market, but findings are always interesting:
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50% of respondents said they would move to a larger home if they had the chance
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The average buyer would spend £10,000 to increase the size of their property
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Fewer than 30% of respondents said they wouldn’t move to a larger property
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10% of respondents said they would downsize if they had the chance
What features would convince people to move?
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An en-suite bathroom was said by 19% of respondents
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To get a spare bedroom for guests was said by 17% of respondents
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Other answers included a garage, a kitchen island, a driveway, swimming pool and home gym
Why do people need more space?
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20% of respondents said limited storage was the key reason why they needed more space
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A lack of garden space was said by 17% of respondents
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Not having a spare room was cited by many respondents
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A lack of home office space was also cited by many, and this is likely to increase given the need for remote working
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
