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How The Pandemic Impacted The Housing Market

 

It would be somewhat of an understatement to say that the pandemic led to confusion and uncertainty for businesses last year.

The property market went through a lot in 2020, with huge repercussions on the way in which people now buy, sell, let and rent.

Not only did the various stages of buying and selling change, but we saw a massive U-turn in the way that the population thought about their homes, with Santander releasing data in September on record numbers of homeowners applying for loans to increase space and renovate.

More buyers were searching for bigger properties, including for larger family homes and increased outdoor space.

Something else that changed over the last 12 months – according to Editor of Luxury Daily, Alam Khan – is the way that affluent buyers are approaching the market; not only in how it will look but where they want it to be.

Prior to the pandemic, many high-powered business owners and working professionals would choose to live in their primary residence closer to the office.

However, many people have found remote working easier than anticipated, with companies able to save money and likely to close their physical premises completely.

It is safe to say that – overall – the pandemic has impacted the property market for the better.

Are you looking to move this year to better suit your working situation or lifestyle?

Browse our properties or speak to our local team for a valuation of your home.