Last month estate agents up and down the country rejoiced, as an easing of lockdown rules allowed viewings to restart, providing the housing market a much-needed boost.
The month of April was a tough one. Residential property sales hit their lowest monthly level since 2005 and mortgage approvals dropped 80%, numbers which have prompted many doom and gloom headlines. The full impact won't be clear for a long time — not least because the furlough scheme is still operating — but there’s some optimism that the market will rebound.
Liam Bailey, Knight Frank’s global head of research, acknowledges that ‘all metrics are sharply lower’ when it comes to the market, but says ‘there is perhaps more activity than we initially anticipated back in late March’.
Mr Bailey adds: ‘Would-be vendors can take heart from the fact that, despite an effective lockdown of the market, a sizeable number of buyers are still registering their interest to purchase.’ With a loosening of restrictions, it’s expected that the market will now begin to recover — yet it also .
The pandemic has not only had an impact on demand, but has also affected our preferences, according to research from Savills. According to a recent survey, prospective prime buyers have become more committed to moving in the next 12–24 months, as priorities have changed in response to the lockdown.
"People are now looking for studies, home offices or something similar"
‘In the short term, we were expecting people to be cautious, but we’ve seen that, in the longer term, people are now far more willing to move,’ says Savills analyst Frances Clacy.
‘The virus has perhaps made people accelerate their thinking about when they want to move to a more rural location. It was five years of waiting before the pandemic, but now it’s a lot less.’
Indeed, the research shows that space is now a ‘must-have’, with 49% of respondents expecting home-working to continue post-lockdown. As a result, 39% of under-fifties are chasing a bigger home, 40% of respondents are more likely to choose a village location and some 70% of younger buyers ‘crave more outdoor space and rural locations’.
‘Previously, outdoor space might have been something that people compromised on,’ says Miss Clary. ‘Now, it’s obviously come to the forefront of people’s thinking.’
It’s difficult to predict the future, Miss Clary admits, but ‘people have proved that they can work from home and have shown their employers that they can be just as effective there,’ she says. ‘People are now looking for studies, home offices or something similar, and that’s particularly relevant to younger people.’
It seems as if buyers are looking to escape to the country post Covid-19, and who can blame them? ‘Remember,’ Miss Clary says, ‘rural prices look like a bargain when compared to urban places.’
Credit: Alamy Stock Photo
Property market in England re-opens for business, but what will happen next to house prices?
Moving house, getting a survey, going on viewings and even visiting estate agents is once again permissible in England as
Curious Questions: How will we greet each other in a post Covid-19 world?
Kissing cheeks will surely be frowned upon, and even the humble handshake may struggle to regain its pre-eminence. But what
The 50 best places to live near London
Where are the best villages, towns and small cities which are a pleasure to live in, but still offer a
Credit: Strutt and Parker
Best country houses for sale this week
An irresistible West Country cottage and a magnificent Cumbrian country house make our pick of the finest country houses for
-
A 500-acre estate that spent 11 centuries in the same family, for sale for only the second time in its historyIn the beautiful hills of north Wales the Garthewin estate has come up for sale, including a great country house once restored by the architect who created Portmeirion. Penny Churchill takes a closer look.
-
‘They remain, really, the property of all of those who love them, know them, and tell them. They are our stories, the inheritance of the people of Scotland’: The Anthology of Scottish Folk Tales
-
A 500-acre estate that spent 11 centuries in the same family, for sale for only the second time in its history
In the beautiful hills of north Wales the Garthewin estate has come up for sale, including a great country house once restored by the architect who created Portmeirion. Penny Churchill takes a closer look.
-
'The city has always held an important creative space within our design studio': A luxury townhouse in Tokyo, courtesy of Aston MartinA new four-storey property in the Omotesandō district is the first single home private residence by the British ultra-luxury performance brand.
-
The Mediterranean Magic of MaltaWith historic charm, picture-perfect beaches and a welcoming approach to newcomers, Malta represents an appealing option for Mediterranean property hunters. Holly Kirkwood reports.
-
Four country houses with their own tennis courts, as seen in Country LifeIf Wimbledon has put you in the mood for more tennis, Annunciata Elwes is here with a selection of homes with their own tennis courts.
-
The majestic New Forest estate formerly owned by a billionaire adventurer — famous for driving 'the world's fastest kettle' — has come up for saleGreat estates in the unspoilt setting of the New Forest are always a welcome sight on the market, and Newton Park is a wonderful example with a sad story to tell. Anna White tells more.
-
A Hampshire Manor for sale that dates back to the days of Alfred the Great, with the most beautiful staircase we've seen in yearsThe ten bedroom property features an indoor swimming pool, jacuzzi, spa complex and stables, and it was restored by the same architect who worked on Downing Street.
-
The new property hotspots where you can have it all: Beautiful houses, great schools and idyllic lifestyleAcross the country people are selling up and heading to the towns where there's no compromise on dream homes, outstanding schooling and the good life, according to analysis from two of Britain's top estate agents. Anna White explains.
-
Where Venice once ruled: The roving Venetians left handsome imprints across the Greek world, from its religion to its rambling villasMatthew Dennison explores the lingering traces of Venice's vanished empire — and the best places to buy where it once stood.
