What are prospective buyers looking for in their new home purchase, is their list even more demanding than before due to the increase in the asking price. Did you know one of the trending words now searched on Rightmove is an acre, space is certainly on everyone’s mind?
There is no doubt that since the start of Covid-19 and the past year the property market has defied expectations on housing prices and home values are up. In fact, Lloyd Bank Group stated in a recent report the average property prices are £34k higher than at the onset of the pandemic. So what is next for the UK property market.
With fast house price growth in home sales over the last year and very much huge buyer demand and smaller supply in certain areas, it is certainly a silver lining and a good time for those looking to sell their homes through this pandemic. But what are the housing market predictions and prices for 2022 and when will the market start to normalise in the coming months or coming year?
Space for a Home Office
It’s no surprise that after covid and the increase in the need to work from home a home office is in high demand. Many especially parents now that children are back at school are finding having the ability to work flexibly when works and suits is a real benefit for all. Many have stopped converting a small bedroom with making the most of a small bedroom and looked at building up to add additional space to accommodate a home office. But what do you need to create for home office ideas to help you sell your house? Natural light as always is proving a big selling point. If you do look to build up or out this can be a vast expense. Or maybe you can create the above where you are right now to create all you need in your current home with your savings or indeed have a look at a remortgaging calculator to find out if that’s right for you.
Space for a Garden Office
If you don’t like the idea of adding or losing a room in your house to create a home office then there has been a strong trend in people requesting a garden office giving that split between home and workspace. So how much value does a garden office or summerhouse add to your house? Leaders Estate Agents believe between 5% to 10% when done properly.
Outdoor Kitchen Area
Again thank Covid for the amount of time we have all spent in our gardens over the last few years and some glorious summer weather (Do you remember the first lockdown summer?). We certainly saw a spike in the fact people were building home bars, but the need for more of an outdoor room has heavily trended even with the English weather! If you’re looking for some outdoor kitchen ideas for the utmost in stylish alfresco dining ideal homes have some great inspiration.
Rural Location – But Not Too Rural
It must be the request that’s hardest to match “I am looking for something rural but not too rural!” But there has been an upturn in homeowners in London looking for that rural retreat as a second home or to move out of the bigger cities to more rural locations to ensure more for their money, especially during Covid. In October 2019, 40% of inquiries on Rightmove were from people living in cities and searching for properties outside. Come to October 2021 and that figure is now more than 50%. This has a lot to do with rising house prices in London but also now the flexibility of working from home is allowing people a larger commute or none at all. This certainly had an effect turning the smaller number of homes in rural areas into a competitive market and expensive markets at their highest level, including bidding wars. But there has also been a strong demand in people looking to move into more rural areas from smaller cities, especially after a lot of time in lockdown.
Commuter Towns
A rural location is certainly sought after but there has also been a shift in people, especially in London and the bigger cities looking to move to smaller cities or towns and have a larger commute. Rightmove have noticed the size of search area expand and towns become more popular that are further afield but still within a 1.5hrs from the larger cities as working from home and flexible working have become more available in the workplace and commutes if needed can be as infrequent as once a week which is good news and gives a better chance for anyone looking to sell in these commuter towns at higher prices.
Other top searches are showing apart from space and more space, Coastal Towns are certainly high on the searches as are detached houses, it looks like Covid has left us looking to increase our quality of life at home as well as at work.
At a time of high home prices, it is certainly a home seller’s market on price per square foot right now so make sure you know what your mortgage lenders options are and also work out what mortgage can you afford realistically without stretching yourself too far on the sale price in a strong market, is always a good idea.
# Top 5 Property Trends For 2022