Over the course of the past eighteen months, the Covid-19 pandemic has changed the concept of ‘normal life’ in unprecedented ways. Taking over all aspects of ordinariness, the pandemic incited the closure of industries across the globe, as people were confined to their homes for what seemed like an eternity. In addition to the despair felt by those who lost loved ones, jobs and experienced deteriorating mental health- financial burdens also reared their ugly head, forcing people to spiral into an abyss of money worries. For those who either own a home or rent, the pandemic made life significantly more difficult. Increased insurance, higher rent payments and excessive bills are just a few ways in which the pandemic left its mark on the property market. For those who were amid buying or selling a property, the sudden standstill on life meant plans were instantly put on hold- making situations harder both financially and emotionally. Since the pandemic, the UK property market has tried to recover from the atrocities caused in the wake of Covid-19. Here at We Buy Any House, we have explored exactly how the pandemic has affected the UK property market.
When it comes to the UK housing market, the British public care intensely about how it affects them- and rightly so! For a lot of the older generations, their assets are often tied up in property, and for the younger generation, one of the main concerns is working out how they are going to be able to afford a somewhat decent house- amid rising living costs. Since the emergence of the Covid-19 vaccine, hope has been restored to salvage the falls of the housing market, and therefore, the financial and emotional burdens of UK citizens. According to the Nationwide, house prices have risen by 9.9% since last year, which now means that the typical UK home costs more than £250,000- and as of October 2021, have risen a further 0.7% to an average of £250,311.
Since the pandemic, the demand for property has changed drastically. One of the main reasons that house prices have increased significantly is due to the preferences of the buyer, who is now mindful of future situations that reflect the consequences of the Covid-19 pandemic. For prospective buyers, there has been importance placed on properties that are more spacious, have a garden area or are based in rural or coastal locations. The demand for apartment properties has decreased massively, due to the work from home incentive.
There is consistent speculation regarding the future of the UK property market. Throughout the recurring lockdowns, interest rates remained high. The property market reflects the current economy, so due to the lengthy lockdown and implications and repercussions of this. Experts suggest that there will be a sudden drop in the prices of houses that are at the top end of the market, which will expose a lot of valuable real estate to those willing to snap a (relative) bargain. Additionally, buyers from overseas will help steady the property market and house prices. There is expected to be a rise in property investment, generally from the Middle East and Asia. This will be positively encouraged, as investments in new property will encourage boosts in the construction sector.
For some time, living in the heart of the city has been the most desirable type of property, however, since the pandemic, prospective buyers are looking to invest in suburbs- in an attempt to seek more space and peace. Larger family homes are now sought after, with more space for remote working and accommodating space for remote working.
Finally, the way house viewings are conducted could change massively. Throughout lockdown, house viewings were temporarily put on hold, and when they were allowed to resume, they existed under very strict conditions. In order to adapt, the implementation of virtual house viewings have become popular, as they offer greater flexibility and are better for those planning to move further from their current location.
This article was written by a quick house sale company We Buy Any House. If you’re wondering “how can I sell my house fast?”, head to the We Buy Any House reviews page for more information relating to all property related enquiries.