Your property market update for February

In this month's newsletter we explore how house-buying behaviour continues to be shaped by working from home as this becomes the new norm for many people.

As the property market is currently experiencing high demand, we take a look at decorating mistakes that could stop your home from selling as it is recommended that homes need to be presented in the best possible light. Further into our newsletter we are pleased to share the help-to-buy extension has now been confirmed, taking it to the end of March.

Finally, we evaluate how the pandemic has impacted the housing market following 2020 and how this may contribute towards the market in 2021.

We hope you enjoy this month's edition. If you have any questions please do not hesitate to contact us.

House-buying behaviour shaped by working from home

With the number of vaccine jabs administered in the UK now over 10 million, we can start to imagine a future beyond the pandemic, but it's expected that the 'new norms' many of us have adopted will have lasting effects in our day-to-day lives.

Working from home has gone from being an infrequent luxury to a very real reality – whether we've wanted it that way or not.

Jobs advertising remote working tripled since November 2019, going up from 26,600 to 80,700 listings in November 2020.*

With remote working now an expected part of life, the desire for a home office has skyrocketed, leading to interesting levels of activity on the market for larger properties.

COVID-19 has impacted the behaviour of homebuyers, as well as the priorities of employers and businesses, who now recognise that proximity to the office is no longer a prerequisite for their team members, allowing for greater flexibility on where people choose to live.

In a recent 'Home Moving Trends' survey, 35% of participants cited an office space as being more important since the emergence of the pandemic.**

The survey also showed that broadband was high up on homebuyers’ agendas, with 37% wanting enhanced Internet speed when searching for a new home.

If you're no longer restricted to a property based near your work premises, we'd like to help you.

Browse our latest properties or talk to our team about your home-buying criteria.

*New Street Consulting Group

**Conducted by the Property Academy on a national level

Decorating mistakes that could stop your home from selling

With the property market seeing a lot of demand, sellers need to present their homes in the best possible light to beat the competition.

These common mistakes could mean that your home receives less interest and fewer offers, so it's worth your time and consideration to rectify the following:

Misplaced curtains

Curtains are a really effective way to keep your house warm, frame your windows and add a splash of colour or texture to any room.

However, the positioning of curtains can impact the look and feel of the living space in a negative way.

Whilst you might assume that they should be hung just above the window, this actually makes the area feel smaller than it is, so it's advisable to emphasise the height of the room by fixing them as high as possible.

Open wardrobes

These can look great in pictures and act as a really beneficial feature to your property, however, they can soon appear untidy or ruin the room's aesthetics.

It’s important to remember that for open wardrobes to look good, a minimalistic layout is necessary.

This can often be unpractical, especially if you're still living in the property, but try to create clear spaces to avoid deterring buyers and devaluing your home.

Overkill on florals

Whilst the 80s trend of floral patterns could be making a comeback, it’s important to not get too drawn into trends.

Going for strong design elements is a way to express your own character on your home, but you run the risk of putting buyers off by using overly decorative styles that aren't suited to every person who comes across your home.

If you do decide to opt for patterns, use them as an accent rather than for every wall and piece of furniture, as this will add longevity to the design.

Buying furniture that is too big for the room

Sometimes when shopping for new furniture, we can be completely drawn to a certain item, regardless of whether it works for the space we have.

However, it’s vital that you try to avoid any purchases that don't make sense for your home, if you're planning to move in the next few months.

A room that is too cluttered could make it seem much smaller and takes away crucial space, which is becoming increasingly important to the nation's homebuyers.

If you’re thinking about selling your home, start the process today by booking a valuation with us.

Help-to-buy extension has been confirmed

The deadline for the current help-to-buy scheme is set to be extended by a further month – taking it to the end of March – in order to take into account delays to the sector caused by the pandemic.

Aimed at first-time buyers, it was during July 2020 that the practical completion deadline was initially extended from the end of December to February 28th this year.

This came down to matters regarding COVID-19 and how the current climate has drastically affected the property market as a whole, whereby the government were asked to rethink the date in order to benefit those looking to step onto the property ladder and move into a new build home.

At this point in time, practical completion can be done up until March 31st, however, that stands as the final deadline for legal completion.

The only exemption is where Homes England has previously granted extension to legal completion regarding those homes reserved before June 30th 2020, and who now have until 31st May.

Statistics that were officially published last year indicate that 278,639 new homes were bought on a help-to-buy scheme between April 2013 and June 2020.*

If you require further guidance or support, please don't hesitate to contact a member of our team today.

*GOV.UK

How the pandemic impacted the housing market

It would be somewhat of an understatement to say that the pandemic led to confusion and uncertainty for businesses last year.

The property market went through a lot in 2020, with huge repercussions on the way in which people now buy, sell, let and rent.

Not only did the various stages of buying and selling change, but we saw a massive U-turn in the way that the population thought about their homes, with Santander releasing data in September on record numbers of homeowners applying for loans to increase space and renovate.

More buyers were searching for bigger properties, including for larger family homes and increased outdoor space.

Something else that changed over the last 12 months – according to Editor of Luxury Daily, Alam Khan – is the way that affluent buyers are approaching the market; not only in how it will look but where they want it to be.

Prior to the pandemic, many high-powered business owners and working professionals would choose to live in their primary residence closer to the office.

However, many people have found remote working easier than anticipated, with companies able to save money and likely to close their physical premises completely.

It is safe to say that – overall – the pandemic has impacted the property market for the better.

Are you looking to move this year to better suit your working situation or lifestyle?

Browse our properties or speak to our local team for a valuation of your home.