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Space Still Essential For Property Buyers

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Thu 23 Sep 2021

Space Still Essential For Property Buyers

At Coakley & Theaker, we are pleased to say we have assisted many people in the housing market in recent months. This has been a considerably busy time in the property market, and the demand for homes has been essential.

Space has always been a critical factor for prospective home buyers, but in recent times, the desire for space inside and outside of the home has been enormous. Even as we move forward, this is likely to be the case.

The need for space is certainly an issue we have found with our clients, and it appears as though the leading property portals have noticed it too.

Zoopla studies suggest buyers still keen to find space

The key findings stated by Zoopla include:

  • Interest in houses for sale has more than doubled as the pandemic drives buyers to search for more space.

  • The number of people looking to snap up a family house has soared by 114% compared with levels typically seen at this time of year between 2017 and 2019.

  • The average cost of a house has jumped by 7.3% during the past year, while the typical price of a flat has edged ahead by just 1.4%.

Gráinne Gilmore, head of research at Zoopla, said: “There is a continued drumbeat of demand for more space among buyers, both inside and outside, funnelling demand towards houses, resulting in stronger price growth for these properties. Sellers will need to consider this when it comes to pricing expectations.”

What happens next?

  • Even though buyer demand for property is dipping, it is 80% higher than usual levels for this time of year

  • Even with falling demand, the supply of homes is nowhere near enough to meet demand

  • Zoopla research suggests house price growth for all property types will reach 6% in the coming months

  • After the stamp duty holiday ends and economic conditions tighten, Zoopla believes house price growth will reach between 4% and 5% by the end of 2021

Why do people need space?

A study by ConservatoryLand spoke to 2,000 and asked them about the need for space at home. This is a company who specialises in conservatories, so they have a bias in the market, but findings are always interesting:

  • 50% of respondents said they would move to a larger home if they had the chance

  • The average buyer would spend £10,000 to increase the size of their property

  • Fewer than 30% of respondents said they wouldn’t move to a larger property

  • 10% of respondents said they would downsize if they had the chance

Why do people need more space?

  • 20% of respondents said limited storage was the key reason why they needed more space

  • A lack of garden space was said by 17% of respondents

  • Not having a spare room was cited by many respondents

  • A lack of home office space was also cited by many, and this is likely to increase given the need for remote working

What features would convince people to move?

  • An en-suite bathroom was said by 19% of respondents

  • To get a spare bedroom for guests was said by 17% of respondents

  • Other answers included a garage, a kitchen island, a driveway, swimming pool and home gym

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.