The housing market is easily influenced by outside factors. From economic downturns to political uncertainty, there are a lot of things that can both encourage and discourage buyers from making an offer. So it’s no surprise that, as soon as the COVID-19 pandemic became serious, the housing market felt its impact.
Across the UK, sellers slashed their prices and buyers became nervous. However, while we’ll need to wait and see exactly how the pandemic will affect the housing market, things are starting to look up. In fact, some experts are predicting that prices could actually rise this year, with both buyers and sellers keen to make a deal when the lockdown is done.
Looking to the future
Thanks to the COVID-19 pandemic, Brits are spending more time at home than ever before. This has had two major repercussions on the housing market. Firstly, it’s given homeowners the opportunity to assess whether or not their property is right for them. Homes that are too small, lack outside space or don’t have room for a home office may no longer suit their owners. This might well push a lot of people to sell up as soon as they’re able to.
Secondly, it’s given people the time they need to search online for a new home. Potential buyers who would otherwise be too busy to spend hours online looking for a new property, can now dedicate as much time as they want to their search. In fact, major property portals like Rightmove have seen traffic levels return to pre-lockdown levels, showing just how much interest there is from potential house hunters.
What are buyers looking for?
A lot of the people searching for homes at the moment will be looking for properties that offer a little extra space. Staying in your house for an extended period of time can make it feel a little on the small side. Having an extra room, a bigger garden or a home office can make a property a lot easier to live in and a lot easier to be locked down in.
The need for extra space will be especially pronounced for those currently working from home and for those with children. Having a home office to work in, and a garden to work off energy in, can help families to maintain a better balance and a better quality of life.
How to solve your space shortage
If your household is currently suffering from a shortage of space, and you can’t wait until lockdown is over, there are some good alternatives available. Elsewhere has a fantastic choice of properties to let in and around Slough. Close to a choice of transport links, these properties can be used as workspaces for those who can’t yet return to the office.
Find out more about the properties we have to offer, and arrange a viewing, by exploring our site or getting in touch with a member of our team.