As the average age of first-time buyers continues to rise - the latest figures suggest…
If you plan on selling your home soon, it makes sense to stay in touch with buyer demands. When you know what buyers look for in their new home, it becomes easier to provide them with what they are looking for.
At Lock & Key, we are pleased to say we have brought many buyers and vendors together in Melksham. If you are looking for assistance in making an informed move, we are more than happy to assist you.
Lockdown is shifting buyer behaviour
Information provided by PwC suggests close to 20% say they are less likely to buy a home in the next few years compared to their intention’s pre-lockdown. The lockdown period has affected many buyers demands and priorities. It is easy to see why many buyers are now looking for larger homes or properties with gardens. However, there are many buyers who decide to stick with what they have.
On the flip side, 10% of respondents said they are more likely to buy a home now, and have cited the stamp duty holiday savings as the reason for this.
Jamie Durham, economist at PwC, and he said; “The pandemic is making many people consider their next move carefully, whether that means holding off on buying property altogether or indeed moving to locations they hadn’t previously considered. Our research finds that around 30% of those who previously thought their next move would be to a property in the city centre now want to live in the suburbs or towns and villages. Likewise, 19% of those who previously thought they’d move to the suburbs now think they’ll move to a town or village.”
Jamie Durham also said; “However, young people wish to stay in the capital. This is interesting given they are the group that is most affected by job losses, and can least afford London house prices, but not necessarily that surprising given that it is where many of their friends will be based and the range of leisure opportunities the capital offers.”
The pandemic will continue to shape market demand for some time
Barret Kupelian is a senior economist at PwC, and said;” It’s difficult to predict the impact that COVID-19 and an increase in home-working could have on house prices, but our research points out that potential house buyers are considering moving to smaller towns, villages and suburban areas, more so than before the pandemic. If this materialises, it could help rebalance some of the housing market in favour of the regions. The regions we expect will benefit the most from this change are those with good transport as well as digital links. This could have a variety of implications for businesses but also for local authorities, which will need to plan for this type of change.”
If you are looking to make a move in the Melksham property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone Lock & Key on 01225 707 342 or why not come and visit us at 5 Church Street, Melksham.