Instead of confounding those original forecasts, we have an almost frenzied housing market and house prices are continuing to rise strongly. This is fuelled by low-interest rates, a lack of available supply of homes, the fact that many households have managed to make considerable savings due to a lack of spending opportunities over the past year, as well as a clear change in priorities.
The housing market is clearly robust, and many leading experts believe this is set to continue despite the end of the Stamp Duty holiday, which will be tapered from 1st July until 30th September, and changes to the Help to Buy scheme which has just come in to play on 1st June.
So it seems like it is good news for now, but is location still as important as it has always been? Simply put – yes, and then some. Whilst buying a property in a convenient location for school and work or buying in an up-and-coming area is nothing new, house buyers are even more discerning about locality thanks to the pandemic.
What is different about location requirements now?
The demand for access to green open space, as well as gardens, have never been greater. Countryside living grew in importance as we came to appreciate the fresh air and tranquillity of taking our daily exercise in lockdown, whilst those who weren’t lucky enough to have a garden or terrace in the lockdowns suffered more from anxiety and depression. We still want to be near lovely cafes and restaurants, leisure amenities and shops, but outdoor pursuits and open space are as desirable.
Of course, centrality, and proximity to the office or good transport links to work, have always been important but with many now working from home or expecting to be offered a hybrid style of working, the commute has become less of a factor. If we are not having to commute in every day, it seems we are happier to live slightly more remotely. Instead, a suitable working space at home is in hot demand, as is an excellent, fast and reliable broadband connection.
Location is what has driven up the demand in the last year, seen easily at two of our flagship developments, Cornelian Fields in Scarborough and Heatherfields in Bordon in Hampshire. The former saw ten homes snapped up before the Show Home even opened in late February and Heatherfields has a waiting list currently.
Most of our Heatherfields buyers interestingly are dog owners. The area is perfect for them because their new home is directly opposite the Hogmoor Inclosure, a serene and beautiful outdoor space perfect for dog walks. At Cornelian Fields, every buyer has seemed to have some kind of connection to the seaside location of Scarborough, such as family that live there or they used to go to Scarborough as a child, which attracted them back to the area.
What else buyers should consider going forwards?
Some things won’t ever change, such as families will always be keen to find a home near to a good school. Even if schools aren’t an obvious consideration right now, they might be to the people you sell to in the future, so don’t rule out its importance.
Consider the neighbourhood and look at crime rates, although the former is often a matter of personal choice about what is important to you. For some people large trees and good landscaping are vital, whilst for others community spaces and a close-knit neighbourhood are key.
Research into future developments in the area like new schools, hospitals, shopping facilities or public transport lines and central transport links as they can dramatically affect future house prices for the better but can also increase noise levels. A house that overlooks a lovely green space is more likely to retain its value in the future than one where the view is likely to be obscured. It is valuable to have a long term vision about these things.
Remember that land increases in value, as well as the property, so consider acreage as well as room for expansion.
Apartments are still in high demand especially if they come with a communal garden and are close to lovely amenities such as bustling cafes and shops, particularly for first time buyers or downsizers.
In short, the areas proving to be the most popular in 2021 are those that offer outdoor living, as well as convenient proximity to lovely amenities, in addition to of course a gorgeous home that fits your needs, including now for many, a comfortable workspace. It is good to remember that you can make changes to a house but not to its location after all.
