How the pandemic has changed the property market

COVID-19 has triggered widespread changes across the country – and the housing market is no exception. While GDP fell sharply as lockdowns began and businesses failed, property sales rocketed, creating a correlation opposite to what we’d expect to see during a recession.

While this unusual pattern has further deepened the affordable housing crisis, it has been good news for those looking to sell. However, the pandemic has also created some paradoxes in the market.

For example, rural regions such as Devon, Cornwall, and Wales saw a massive spike in sales as wealthier city dwellers decamped to the country yet converted period flats and new apartments in London decreased in value. *

The rural-city divide, fuelled by changing working arrangements and the uneven spread of average wages, has made some areas less affordable to locals.

But the desire to leave urban life behind in favour of fresh air isn’t surprising in this post-lockdown era. This was confirmed by a recent MFS buyer survey, which concluded that people prioritise bigger gardens and proximity to green spaces more than they once did.

Broadband and mobile connectivity have also become more important as many workers go remote, either from choice or necessity. Additionally, this home-based work trend has seen buyers prioritising transport links less – though this attitude may reverse as society slowly returns to normal.

Pandemic-induced lifestyle changes could affect the saleability of your property. Luckily, just knowing what buyers are looking for can help you showcase the most appealing aspects of your home.

Since home hunters are increasingly browsing online and relying on virtual viewings, forward-thinking agencies like us have been busy adapting our marketing strategies to attract the right buyers.

Want to discover how we can maximise the value of your property? Just call our friendly team today for a relaxed, informal chat and to book a valuation.

*According to Zoopla’s January 2022 market data