Close to the sea with a sprawling garden and a spacious garage—these are the kind of homes that UK homebuyers are currently looking for
The COVID-19 situation has certainly changed the kind of properties Brits prefer, but with the easing of lockdown restrictions, former homebuying priorities seem to be making a comeback.
Rightmove, one of Britain’s top property websites, reported that Cornwall has become the most sought-after location on its portal, dethroning London from the top position. The shift in trends has also bumped Devon to third place, whereas Dorset moved all the way from the 20th to the 10th spot.
While moving to the countryside was a long-term plan for many, they decided to move up the timeline with the COVID-19 outbreak. As a result, the demand for rural area properties has seen a faster recovery rate in recent times, according to Rightmove.
GARAGES ARE BECOMING INCREASINGLY POPULAR AS MAKESHIFT WORKSPACES, GYMS, AND WORKSHOPS FOR THOSE WHO ARE GEOGRAPHICALLY LIMITED DUE TO LOCKDOWNS.
The popularity of coastal areas, improved broadband connectivity, and the introduction of semi-outdoor spaces can be attributed to the practical considerations brought on by lockdowns and work-from-home arrangements.
In fact, the word “garage” currently ranks high in the property searches, giving more proof of the change in buying sentiment. Garages are becoming increasingly popular as makeshift workspaces, gyms, and workshops for those who are geographically limited due to lockdowns. Only a handful of homebuyers are still considering garages for their traditional use of parking cars in them.
The pursuit of living in a secluded region is taking the UK’s citizens to places like Cairngorms National Park’s Braemar, Isle of Syke, and other coastal destinations. But it is the towns of Truro and Looe in Cornwall county that are leading these property searches near the oceans.
Emma Ward of the Cornwall-based real estate dealer, Goundrys, can corroborate this with the number of enquiries her firm receives. Her company seems to be doing well in the detached homes category which ranges anywhere between £500K-£700K. Rightmove’s data also reveals that 2020 saw a surge in 4-5 bedroom detached house sales.
Ward goes on to state that this year has been busier than 2007, a time when the market was at its peak.
While older people are looking to live close to their near and dear, the younger ones are looking to start a new life away from the hustle and bustle of cities like London, Manchester, and Birmingham.
The stamp duty holiday extension till the end of June is another reason for the continued demand. With the state waiving duty for the first £500K spent by new homebuyers, all eligible parties are making a last-ditch attempt to acquire their dream house.
It might be a financial incentive for buyers, but the driving force for living in the countryside includes additional space and the advent of work-from-home options.
Tim Bannister from Rightmove quips that many want to stop “balancing their laptop on the end of a bed” and work out of a home office. A similar trend can be observed when it comes to tenants who live in urban jungles—they are shifting to two-bedroom houses which offer more space and have gardens.
While rental properties in residential clusters of London are experiencing a steep fall in prices, towns that lie on the fringes like Halifax and Bury are witnessing a 15-20% increase.
With the administration lifting lockdown restrictions to a significant extent, many citizens and businesses are planning to move back to central London to capitalise on the prevailing low rents.
Rightmove is already seeing central zones one and two garnering more interest as compared to zone three. It is a starkly different scenario when compared to what the UK had witnessed in August 2020.
Goundrys’s Emma Ward knows that the interest in rural properties will slowly dwindle and that the “boom won’t go on forever”.
Many recent movers in regions such as Devon and Dorset have begun searching for city dwellings. It is primarily due to rising prices that is a domino effect of people buying a second home in such areas. As many are prioritising lifestyle over property prices, current residents are lamenting that it is making housing unaffordable in their area.
