Property market trends during COVID-19Date Posted: 09 July 2020
During our 90 years of experience in the property market we had never experienced anything quite like the COVID-19 pandemic. It is safe to say it caught us (and the whole world) unprepared. We were quickly faced with times of uncertainty and found ourselves needing to urgently revise our working practices.
It has been very interesting and informative to observe how the property market has performed and altered during these strange times.
Here are few important things we have noticed during the last few weeks:
1. Good news! We had over 450 viewing requests during lockdown whilst people awaited a lift in restrictions.
This tells us that people are still looking to buy despite the current economic climate. You would be surprised how much money you’ve been able to save with so many events such as concerts, trips or simply going out with friends cancelled. Lockdown was an insightful period for many of us, allowing us some time to reassess our priorities in life. So, it doesn’t come as a surprise that many people reached the conclusion that stability is precious - having a secure roof over your head might do just that. We are noticing a rise in young families and first-time buyers looking for their dream home. What is more, our website data shows that people simply just spent more of their free time browsing through properties.
A time well spent, if you ask us!
2. We got higher than usual level of enquiries from out of the area.
This trend possibly suggests that people are recognising their ability to work from home as many of us were forced to do during the pandemic. Cities have also been labeled as higher risk areas due to population density, so this has potentially also influenced many people’s decision to seek to relocate in more rural areas. The countryside has a great many benefits, take for example Neath, known as the waterfall country (we even wrote a blog post on it!)
3. Houses with lots of outdoor space are unsurprisingly performing well. Not only that but many enquires are seeking information about broadband speed and home office space more regularly.
This, again, points us to the overall trend of people working from home/freelancing or recognising that ability. Ironically, we had a series of sunny days outside lockdown and many people felt blessed to have an outdoor space where they can enjoy the weather safely. This also allowed many people to pick up gardening or growing their own fruit and vegetables. Naturally, mindsets have shifted and we are observing many buyers gravitating towards properties featuring open spaces.
Our property specialists are carefully observing and analysing the property market trends so we can provide the most informative and up-to-date advise possible. Whether you are renting, buying or selling - we are prepared to answer any queries you have for the new era of living we are entering.
As always, safety comes first.
Check our COVID-19 Viewings Code of Practice, aligned with the latest Welsh Government regulations.