While a lot of industry experts believe there will be a drop-off in demand for homes this year, we believe there will be many property transactions.
At Stones Residential, we speak closely with buyers and vendors. We know there are many factors which drive property moves, and relationship changes is a crucial factor.
This has been a challenging time for many people
Yes Homebuyers conducted a survey which outlines the reasons why people are moving home:
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Divorce or end of a relationship cited by 23% of respondents
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Relocating for personal reasons said by 21% of respondents
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A desire to have more space was said by 19% of respondents
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11% of respondents said they were relocating for work reasons
Has the pandemic negatively impacted many relationships?
When you think the stress people have been under this year, it will be no surprise to learn that some relationships have struggled. Working from home, and not being able to socialise as normal will make life feel harder for many people.
With this in mind, it is understandable some couples will think it is time for a change.
The same study also suggests searches for divorce guidance have increased by 25% due to COVID-19, and enquiries with divorce specialists have risen by 122%.
Other findings include:
57% of people say leaving their home was more upsetting than ending a relationship
Only 25% of movers have been forced to leave a property they would have preferred to stay in
The pandemic has also driven change in the housing market
It is also important to recognise that dealing with the pandemic has led many people to decide it is best to move home. Some of the other reasons for a property move include:
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11% of people said they were moving for financial reasons
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6% of respondents said they were downsizing to a more manageable property
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2% of people were moving after getting married
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “There are a number of key life events that cause us to move home and unfortunately, divorce is one of them. We’ve seen a number of reports around a spike in divorce proceedings and breakups due to the additional stress placed on relationships during lockdown. So it’s no surprise that it ranks as the driving factor for home moves at present with Covid causing restrictions in other areas of life such as marriage and relocating for work. For some, a breakup will mean a double whammy of leaving their partner and a home they love, but luckily the number of us forced to leave a property we would prefer to stay in remains rather low. However, it says a lot about us as a nation of bricks and mortar lovers when having to leave a home is more upsetting than leaving the person we shared it with.”
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.
