Property sector sees spike in searches for granny annexes during COVID-19 outbreak
The UK lockdown has led to a distinct shift in the preferred property qualities most sought after by prospective homeowners according to new statistics released by PropertyHeads.com. After analysing the results of over 3,000 searches conducted during March and April 2020, some interesting patterns emerged which show how buyer behaviour has already started to change ahead of the easing of lockdown restrictions.
The results revealed that searches for granny annexes were up by 16%, suggesting that the forced separation from older parents has made many realise that having them close by and ideally in a building attached to the same property is now a key factor in future property purchases. The restrictions on movement have made it apparent to many without adequate garden space that this too needs to be a priority, reflected in a search increase of 12%. In addition, the increased emphasis on home working and the likelihood of this being a more integral part of working life post lockdown has led to a 4% increase in searches for a home office. A desire to escape the close proximity of properties in city locations has also led to an increase of 9% in rural property searches. Furthermore, the overall maximum price searches have fallen by 5%, suggesting that affordability will be a key consideration after lockdown.
“The results of our analysis show that the Coronavirus pandemic has already led to a noticeable shift in the preferences of prospective buyers using our portal to search for a new property. Whilst the current lockdown has led to the temporary pause in the progression of house purchases, as lockdown is eased over the coming months it is clear that the types of properties which will be in higher demand will be quite different to those which were preferable prior to the lockdown,” explains Ben Davis, CEO of the PropertyHeads Group.
PropertyHeads.com is a social network dedicated to helping homebuyers and tenants gain true to life insights into their future property. With over 10,000 UK property businesses already signed up to PropertyHeads.com, buyers and tenants are able to use the website to search for properties, local providers and tradespeople and access property reviews with ease.[Text Wrapping Break]Finances are likely to be tight for many people following weeks of self isolation, furloughing and sadly redundancies for some, which is why Ben believes that having access to as much information as possible about a potential property is essential to helping to kickstart the property market after lockdown.
“Traditional property search websites are moving too slowly when it comes to providing like-for-like property comparisons, instant messaging, flexible sharing of property details and property owner reviews. We want to give buyers and tenants the information and contact network they need to make excellent property decisions, whilst helping sellers and landlords shine a light on their properties USPs, something which is even more critical given the devastating impact Coronavirus has already had on the property industry,” adds Ben.
For more information visit www.propertyheads.com