Half of homebuyers head to extra prosperous areas throughout property market growth Q1 2021 hedge fund letters, conferences and extra Analysis by property agent comparability website, GetAgent.co.uk, has revealed simply how instrumental the pandemic has been in shaping the property priorities of UK homebuyers. The monotony of months spent at dwelling because of lockdown restrictions […]
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This story initially appeared on ValueWalk
Half of homebuyers head to extra prosperous areas throughout property market growth
Analysis by property agent comparability website, GetAgent.co.uk, has revealed simply how instrumental the pandemic has been in shaping the property priorities of UK homebuyers.
The monotony of months spent at dwelling because of lockdown restrictions has triggered many homebuyers to reevaluate what’s essential in a property, with bigger houses and extra out of doors area turning into the driving issue of their buy.
On the identical time, a stamp obligation vacation saving and continued low mortgage charges have enabled many to place this transformation into motion.
Consumers Buy A House In A Extra Prosperous Space
GetAgent’s analysis exhibits that 57% of homebuyers to have bought within the final six months have been in a position to afford a much bigger dwelling, offering them with more room to assist offset any future boredom of being caught indoors.
28% bought a similar-sized dwelling, whereas simply 15% had to purchase a smaller property.
But it surely’s not simply the property that UK homebuyers are upgrading. Whereas 47% bought their newest dwelling in the identical or an identical space to their earlier property, 40% acknowledged they had been in a position to buy in a extra prosperous space than earlier than.
Once more, simply 13% had to purchase in a much less prosperous space than beforehand.
Lastly, with our social lives remaining restricted and summer season quick approaching, it comes as no shock that an enormous 86% of latest homebuyers had been in a position to afford a house with that all-important out of doors area.
Varied Elements Increase Purchaser Confidence
Founder and CEO of GetAgent.co.uk, Colby Quick, commented:
“Present market sentiment is extremely optimistic regardless of the broader uncertainty that is still because of Covid.
Rates of interest stay extraordinarily beneficial for these seeking to fund their buy through a mortgage, the stamp obligation saving on supply has now been prolonged to as late as September for a lot of, and there are different influential components at play comparable to 95% mortgage merchandise and the newest Assist to Purchase scheme.
All of which helps to spice up purchaser confidence not solely when transacting but in addition when it comes to the dimensions and placement of the property they’re aspiring to personal. The pattern for greater houses and out of doors area is just not solely serving to many climb the property ladder, nevertheless it additionally seems they’re climbing the social standing ladder as nicely, making the transfer to extra prosperous areas than they might have in any other case.”
|Primarily based in your latest buy, had been you in a position to afford a much bigger home?|
|No, the identical dimension||28%|
|No, I had to purchase smaller||15%|
|Primarily based in your latest buy, may you afford to purchase in a extra prosperous space?|
|No, the identical or comparable space||47%|
|No, had to purchase in a much less prosperous space||13%|
|Primarily based in your latest buy, may you afford to purchase a home with out of doors area?|
Survey of 1,219 latest UK homebuyers (final six months) carried out by GetAgent (seventh April 2021).
Notes to Editors:
- Survey carried out through shopper analysis platform Discover Out Now
- GetAgent pulls information from the entire main portals that are then cross-referenced with the Land Registry utilizing their proprietary algorithms and enter from companion brokers.
- GetAgent is the UK broad complete of market property company comparability web site. Analysing efficiency via information to tell dwelling sellers of one of the best brokers.
- Based in 2015 by Colby Quick (Stevenson Cartwright; SMG Worldwide) and Peter Thum-Bonanno (Discover Correctly; Analysys Mason)
- Backed by Seedcamp, the prolific enterprise capital expertise investor
- And has up to now obtained over 100,000 enquiries for brokers from property sellers to a complete property worth of £30bn and at the moment are serving over 10,000 enquiries per 30 days.