What Is Driving Post Lockdown Moves?
Small things give you daily reminders that life is moving forward post lockdown. Alongside pubs being open and crowds back at football games, the many moves made in the housing market is an indicator people wish to move forward.
At Prestige & Village, we have worked closely with many prospective buyers, and we know why people are moving home. We also stay in touch with the latest studies, and we are clear on why people are keen to move soon.
A survey of 2,000 households, conducted by a property developer called Romal Capital found some interesting responses that suggest many people will look to move home:
- 31% of respondents say they expect to change their living arrangements after living through lockdowns and working remotely.
- Normally, between 4% and 5% of households move home in any year.
- For the age group between 25 and 34, 32% said they expect to move.
- For people aged 60 or over, 28% said they intend to move.
- 20% of respondents say they plan on moving within the next three months.
Remote working is a big issue
While dealing with the pandemic is the single biggest issue people have faced in the past year, and face going forward, some related elements are more important than others. The impact of remote working has caused a significant change to many people’s everyday lives, and it is no surprise to see this is an issue which relates to potential house moves.
- 26% of respondents say they plan to relocate due to being able to work from home, or at least be able to combine remote working with occasional office work.
- 26% of respondents said that even with remote working possibilities, there is a need for suitable jobs to be available in the local area.
What other factors influence house moves?
Of course, remote working isn’t the only factor which needs to be considered when people move home. The same study looked at other reasons why people are keen to move home soon:
- 29% of respondents said a good standard of living is the most crucial factor in deciding where they should next live.
- 23% of respondents said road networks and connectivity are vital, which suggest that a fully remote lifestyle is not ideal for most people.
- 10% of respondents said they are keen to live in an area which is likely to increase in value
- 9% of respondents said living close to hospitals was important.
Greg Malouf, Romal Capital’s CEO, comments: “We’re seeing a paradigm shift in how this country wants to live and work. Hybrid working options and lifestyle changes are two key elements driving this change in behaviour. Moreover, the temporary stamp duty holiday and the desire to cash in on significant property price increases in 2021 have also empowered decision making. In fact, in the same period a 16% property price-hike in Liverpool alone, underlines this very bullish market.”
Greg concluded by saying; “The current UK housing market simply does not match this new reality, and with these changing demands, needs to be a country-wide rethink on meeting housing needs.”
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