Post Covid-19 UK Real Estate Expectations
The property market is uncertain and at the mercy of Covid-19. House prices indices are having trouble compiling reports to predict the market. However challenging, here are some expectations compiled by market experts:
Housing Prices Will Be on The Seesaw With Covid came significant unemployment and business failures leading to hesitation in housing investments. The situation caused a fall in house prices, resulting in the lowest decline in 11 years. There has been an upheaval in recent house inquiries. Therefore, as we head into the vaccination period and fewer restrictions, prices might rise again.
Suburbs the Preferred Housing Investment Covid 19 has affected customer demands. More people are interested in buying or renting out spacious and open-spaced properties with working spaces. People are moving away from crowded areas to live in the suburbs. They are slowly getting used to and embracing lockdown quarantines and social distancing. Being in an open space and a healthy bubble has become a privilege people want to achieve.
High-End Property on the ‘Value for Money’ Deal Range
A drop in house prices is felt more at the very best end of the market. High-end properties see another drop in prices due to Covid 19. Thus, making the properties affordable and a must-have for people who can afford them.
Double Edged Sword In Regards To Space for Remote Working The housing market demands have changed. People are looking for more suburban and rural properties. These areas allow remote working. Therefore, more companies are looking to make that shift permanent. In turn, it means there will be less need for office space to work. The office property market will therefore have to evolve.
Rise in Home Improvements Demands People being at home for an extended period will lead to some of them wanting changes. Moreover, to some, the prospect of working from home means extending their houses to incorporate office spaces.
Viewings Will Change Social distancing and lockdown have reshaped how people viewed property inspection. Companies are moving to more online-based mediums to showcase homes to their prospective buyers. Both buyers and real estate agents have widely accepted the response to this move. It is seemingly healthy and saves time to distant buyers and real estate agents.