New property trends research reveals how ‘location, location’ is no longer the priority with house hunters
A garden and an office have overtaken closeness to a station, shops and restaurants when it comes to choosing a new home, according to research commissioned by Wayhome.
Censuswide surveyed 2,175 renters and homeowners revealing people’s priorities had changed with space and closeness to parks becoming the most enticing qualities of a property.
More than a quarter of respondents said enough room for a proper office was critical and this rises to 30% for parents
Wayhome chief executive Nigel Purves said: “When you’re narrowing down your search for the perfect home to rent or buy, most of us will have a wish-list, usually split into the ‘essentials’ and ‘nice-to-haves’.
“Our report makes it clear just how far these wish-lists have changed as the pandemic rolled on. In most cases, we’ve seen a complete reversal, with potential renters and homeowners prioritising the things that would make living and working in that space the most comfortable and fit for purpose.”
More than a quarter of respondents said enough room for a proper office was critical and this rises to 30% for parents but 22% for those without children.
Nearly a third of all homeowners and renters wanted more space in general with a quarter saying a bigger bedroom was necessary.
More than a third said access to a private garden had become increasingly important, with over half of those aged 55 rating this as critical. Younger house hunters were less bothered, with just 35% of 24-to-42-year-olds and 43% of 43-to-54-year-olds citing a garden as essential. Just over a fifth felt living near a public garden or green space was important.
Nearly a third of all homeowners and renters wanted more space in general
A quarter of women rated being close to friends and family as important, compared with 17% of male respondents.
Only 14% said it was key for a property to be close to public transport, with 17% citing an easy commute as vital. Proximity to shops and restaurants was important for 17% of those surveyed.
“With the end of lockdown in sight, now would be an opportune time for the industry to reassess the needs of renters and home-owners post-pandemic and support innovative and alternative routes that get more people on the property ladder,” said Purves.
Brokers Hank Zarihs Associates said development and property refurbishment finance lenders were keen to back projects with generous living space, given that some element of remote working was likely to continue post the pandemic.