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What People Want In A New Home

You cannot blame prospective house buyers for re-evaluating what is important to them when it comes to buying their next home. The impact of the COVID-19 pandemic has been monumental for everyone, and what people want from life, and how they feel comfortable, has changed.

At Prestige & Village, we are pleased to say we work closely with buyers and vendors. We have seen the changing requirements of these parties, and we are committed to bringing them together, as we did before the pandemic.

More flexibility on travel is important

One thing we found interesting, in a recent study undertaken by UK house builders Redrow, is an increased desire for flexibility with transport. The Redrow survey states over one in five respondents, which equates to 22%, say that walking or cycling to work is important to them.

The pandemic has forced people to reconsider their health, how best to live their lives, and there will also be people who are keen to reduce the amount of time they spend on public transport. It is easy to see why many people will consider travelling on a bus or train to pose a risk, and why cycling or walking will be more attractive to many people.

Importance of community is more evident than before

The Redrow survey states a quarter of respondents, say that living in a strong community post-lockdown is important to them. Some interesting returns on this topic include:

People aged between 18 and 35 saw a 33% response in people saying community is important
For people who are expecting a child or who have a child under 10 years old, this rose to 43%
23% of respondents say they will make greater effort to know their neighbours

During times of adversity, people take greater comfort in their surroundings, and it shouldn’t be a surprise to learn community aspects are now more important.

England’s Minister for Local Government, Simon Clarke, said the £3.2bn funding already given to local authorities was “part of a wider package of support from across government for local communities and businesses – totalling over £27 billion – including grants, business rate relief and for local transport”.

For the stamp duty holiday, the Stamp Duty Land Tax (SDLT) is as follows:

Lockdown home improvements

We also know many homeowners have spent time and money improving their home in recent months. The Redrow survey indicates 38% of respondents carried out home improvements during the lockdown. However, close to 50% of respondents who carried out home improvement work said they were only “somewhat satisfied” with the outcomes.

Some interesting points which arose from this study include:

For homeowners who spent between one and three months on the project, this number rose to 48%.
Close to 40% of respondents complained they had spent more than they planned to on their most recent renovation project.
63% of respondents who spent just one day on a refurbishment project said they would be happy to do so again.
38% of respondents who spent more than six months on a refurbishment or renovation project would be likely to do the same again.

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.