Size Matters With Property Moves
At Prestige & Village, we are keen to help people move, but we also want to know why people move. We speak with people currently moving, and we stay in touch with the latest studies and research.
Research carried out by Get Agent suggests:
- 57% of homebuyers who have purchased a house in the past six months purchased a larger property
- 28% of buyers purchased a house of the same size
- 15% of buyers purchased a smaller property
Are you looking for a larger home?
This fits with the perception people have with the housing market these days, and it ties in with what the clients we deal with say. We have spoken with many would-be buyers and vendors of late, and the desire to move to a larger home is a significant driving factor for many people when it comes to finding their ideal home.
Of course, not everyone is moving to live in a larger home. Some people are moving home to be closer to families, or to live in a specific style of area, or be closer to amenities. With this in mind, it shouldn’t be a surprise to see many people are happy with the current size of their home, but are looking to live elsewhere.
Also, when you consider the financial challenges people have endured of late, we shouldn’t be shocked to see some people are keen to downsize.
Other findings from the study include:
- 47% of buyers purchased a home in the same or similar area
- 40% of buyers purchased a home in a more affluent area
- 13% of buyers bought a house in a less affluent area
Outdoor space appeals to many right now
Another interest but unsurprising response is that 86% of homebuyers purchased a house with outdoor space. Given the year we have all endured, it is natural for people to look for homes that offer outdoor space. Whether this is to socialise, to exercise, or just relax, there is no denying that gardens have become even more crucial for would-be buyers in the housing market.
Colby Short, Founder and CEO of GetAgent.co.uk, commented: “Current market sentiment is incredibly positive despite the wider uncertainty that remains due to Covid. Interest rates remain extremely favourable for those looking to fund their purchase via a mortgage, the stamp duty saving on offer has now been extended to as late as September for many, and there are other influential factors at play such as 95% mortgage products and the latest Help to Buy scheme.”
Colby continued by saying; “All of which is helping to boost buyer confidence not only when transacting but also in terms of the size and location of the property they’re aspiring to own. The trend for bigger homes and outdoor space is not only helping many climb the property ladder, but it also appears they are climbing the social status ladder as well, making the move to more affluent areas than they may have otherwise.”
At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.Back to inspiration