2020 is the year things went a little manic in the property sector, with activity in St Neots and the rest of the country screeching to an abrupt halt for several weeks, before jumping back into action as buyers emerged from lockdown with a new set of priorities.
These four key buying trends emerging in the UK, were most definitely talking points of the year in the property sector.
Race for Space
Lockdown part 1 served as a turning point for many people who, after spending months cooped up with their nearest and dearest, decided that it was time to get out of town. Demand for homes in places like Central London dropped and interest in country and coastal properties spiked. Perfect for folk in Cambridgeshire and Bedfordshire.
Many of those heading for the hills and beaches were families looking to upscale to a home with a bigger garden, more bedrooms, and easy access to the great outdoors.
The super-rich got in on the act too, with at least 21 rural estates each valued at 15 million plus, going on the market.
Working from Home/End of the Commute
2020 is the year working from home (or WFH if you like acronyms) went mainstream. Covid-19 meant that bosses who suspected staff would bunk off if they weren’t in the office had to embrace #WFH. What did they discover?
Many were surprised to find that productivity didn’t nose-dive; in fact, some workers got more done. Meanwhile, employees gleefully ditched the commute and spent more time doing the things they love in the comfort of their own home.
As a result, enquiries from people looking for properties with dedicated office space or bedrooms that could serve as a home office increased.
Outdoor Space
Even buyers who didn’t want to hotfoot it to the countryside wanted outdoor space, be it a courtyard, a roof terrace or access to a communal garden.
In May, Rightmove reported searches for homes with gardens increased by 42% – a trend that has stayed strong.
Resilience
When the market shut down in March, many predicted the consequences would be dire. It certainly was challenging for the industry, but the market has proved to be incredibly resilient.
At the start of December, property prices in the UK were growing at their fastest rate since 2016. The average cost of a UK home rose by 6.5% this year (figures: Nationwide).
What’s in store for 2021?
As the Covid-19 vaccine rollout gathers pace, things might return to ‘normal’ in some ways, but it’s unlikely that they will go back to what they once were.
That doesn’t necessarily mean the end of office-working, but a less rigid approach to the way we work seems here to stay hurrah!
As a result, many property experts predict demand in prime outer London and regional markets will continue in 2021 which is great for the Cambridgeshire/Bedfordshire area.
If you’re thinking about your next move, be it for more space or to downsize, we would love to hear from you.
Here at Butler Residential we are proud to have nearly made it through 2020 and to have helped three families be moved in time for Christmas. We are looking forward to serving the people of Cambridgeshire, Bedfordshire and beyond in 2021.
Let's Talk 01480 775355
https://butlerresidential.co.uk/contact-us
Barry & Laura
Copyright Butler Residential
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