In this short post, we look at the impact of Covid-19 on the property market with regard to the priorities of buyers and tenants. It’s vital for sellers and landlords to understand what the changes mean for them. This way they can market their property efficiently and effectively.
As you can probably imagine, the impact of the global pandemic has been sizable, and we can expect these to be lasting changes going into the future.
Working from home has become a widespread experience for many during 2020. We have been forced to adapt to the remote working model in a way that has never previously been required of us.
The remote working model has seen higher levels of job satisfaction, reduced levels of psychological stress, and huge savings in operational costs. For example, in London, where many Brightonians commute, the average cost of office space per person is between £650 and £1500!
The benefits of remote working are clear. This means working from home is something we can expect to continue to see more of beyond the re-opening of the world post lockdown.
It is no surprise then, that we have seen a resulting increase in the demand for a spare room or office space.
Furthermore, buyers and renters are placing less and less importance on the commute convenience of prospective properties. When you’re working from home, your commute no longer consists of an hour of sweaty rush hour. Instead, this is swapped out for 30 slipper clad steps to your desk.
The decreased importance of proximity to workplaces and transport links, combined with the previously mentioned desire for increased square footage, means that buyers and renters are looking further afield to get more for their budget. Rightmove has said that this has been a ‘notable shift’ in consumer behaviour since the lockdown in April 2020.
Prospective buyers are also searching for more outdoor space or, in the case of urban buyers, closer proximity to green space. Having been confined to our residential dwellings like never before, people are seeing the benefit of having their own personal outdoor space.
To summarise, consumers are looking for more indoor and outdoor space plus a decreased importance placed on commute. The combination of these factors has resulted in a surge in the appreciation of rural living. Buyers and tenants are prioritising comfort and quality of life over urban location and transport links corporate centers. Will this shift continue? Will the pandemic’s impact on the property market be long lasting? We’ll soon find out.
Do you have any questions about the topic above? Our team of experts is here to help in answering any query you may have.
Fueled by his desire to be the best, most reputable estate and lettings agent in town, Steve has spent his career cultivating The Property Shop. Steve prides himself on his authenticity, honesty, and knowledge-base which is emulated by The Property Shop and his team.
Construction of the Sea Lanes Brighton is due to begin in January and continue through the winter with plans to open in summer 2022. As the pop-up ...
The Property Shop’s CEO, Steve, has over 25 years of experience. If anyone knows what it takes to be a successful landlord it’s Steve, he’s seen it...
The issue of ‘compensation’ is shrouded in grey area and vague terminology which can leave tenants and landlords feeling confused, stressed, and ov...
