Demand for housing relatively stable
One in five people who were looking to purchase a property in 2020 pre COVID-19 no longer intend to do so. However, in contrast, one in four of those who did not intend to buy a are now looking to buy - meaning there is little change in the volume of prospective buyers.
Almost three in every four FTBs aim to purchase a detached or semi-detached house, with more than a third looking to spend under £140,000. Three quarters of home movers intend to buy a detached house, spending £200,000.
Gaining a sense of control
Three fifths of FTB think a property purchase will give them control over household decisions such as decorating or pets and see buying a home as a step towards personal fulfilment.
Among home movers, two fifths also saw personal fulfilment as a reason for their house purchase, with 28 percent also citing security as a key factor.
Online connectivity the most important factor in choosing a new home
Both FTB and home movers cited a good internet connection was their top priority, as more work and entertainment move online during the pandemic. Being close to family was the second highest priority for both groups.
First time buyers also sought a sense of community, whereas home movers prioritised an escape somewhere more rural.
Looking at property features, gardens were a top priority for both groups, perhaps not surprisingly after months of lockdown. Privacy, and home office space, was also important to both groups, again this may be due to the recent pressures of the pandemic.
Just under a quarter of both groups considered a driveway important, and large kitchens or entertaining spaces were also considered a high priority by FTB and home movers alike. As well as the energy efficiency of a property, with a third of both groups showing this is important.
Perception of future house prices
61 per cent of FTB thought that house prices would decrease by up to 10 per cent in the next 12 months. Home movers were somewhat more optimistic, with 52 percent believing the same. Neither group strongly believed that process would rise in the next 12 months – just four per cent of FTB, and three per cent of home movers.
22 per cent of FTB are looking at more affordable homes in light of the pandemic, but that figure falls to just 14 per cent among home movers.
Over 50 per cent of FTBs stated they felt there was no impact on deposits with 43 per cent having a deposit of up to £20,000, which is good news for the recovery of the housing market.
