As a direct result of the pandemic, many people sought bigger homes or properties with outdoor space and ventured outside of the cities to do so. But recently, there’s been interest in a return to the city, with flats moving up the priority list for prospective buyers.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
During the first full year of the pandemic, there was a surge in homebuyers as people reassessed where and how they wanted to live. The addition of government support through the extended stamp duty holiday and rock bottom mortgage rates encouraged many people to move or expedite future plans to relocate. But the biggest demand (and subsequent price rises) were for properties away from the city centre – to countryside locations.
The shift in lifestyle choices helped keep the UK housing market afloat.
Areas with larger, coastal, or rural properties benefited from the shift, but once the country opened back up again and offices were deemed safe to return to, the appeal of city spaces returned as well.
What has changed though, is the property market, which is not the same as before the coronavirus outbreak – perhaps seeing the error of their ways has fuelled buyers to pay a premium for space and privacy.
Normally, house prices for detached and semi-detached homes don’t differ too much, but now the price gap seems to be growing, with people opting to pay more for a detached home. They’re also willing to be a little further away from amenities like transport links and High Streets as they spend more time indoors.
The long-lasting impact on priorities
Even though a move to the countryside didn’t stick for many, there is no doubt that the pandemic will have a long-lasting impact on homebuyers’ priorities. People have realised just how important their home is in their life as it became the epicentre of activity – work, exercise, school, entertainment all under one roof – and spending all our time there reminded us to prioritise our personal space.
Take the first step to buying your dream home
If you’re looking to move this year, be sure to contact an adviser for personalised advice. At Dental & Medical Financial Services, our experts are dedicated to helping our clients select the right mortgage deal for their needs. If you’re ready to take the first step toward home-buying, get in touch with us today.
Are you planning to buy your dream home?
Mortgages | Buy to Let | Property | Mortgage Planning |
Dental & Medical Financial Services have been helping doctors and dentists with finding low-cost mortgages for your home and investment properties for over 25 years.
Find a Mortgage using our online Mortgage Finder Tool