It’s been 5 years since the pandemic property rush reshaped the UK housing market. Back then, with stamp duty holidays, the rise of remote work, a need for more outdoor space and changing lifestyle priorities meant many people made moves, often accelerated by the pandemic.
Fast forward to today and a number of pandemic purchases are returning to the market. Estate agents are affectionately calling this the 5 year itch, a point where people feel it’s time to make another life change and look for something new.
Why Are Post-Pandemic Movers Selling Up?
The pandemic was a shock to the system which acted as a catalyst for change in lots of ways. The reasons for resales can be varied, but there can be everyday practicalities that prompt a need for change:
- Commuting – Because of the shift to home working and home office culture, people made buying decisions that might not have been as based on proximity to work as they would’ve traditionally. A more hybrid model of working could see people now attending the office 3 times a week, which can feel more tiring and challenging, if you’re just a bit further outside the normal radius to work.
- Lifestyle shifts – Quiet village life might have been top of the list at one point, likewise with bustling and busy city life, but too much of either can take its toll, especially if they’re not providing the access or variation of public amenities you need for this point in life.
- Financial pressures – Mortgage rates are higher now than after the pandemic, as well as the cost of living and bills. Many people may need to downsize or relocate to reduce expenditure.
- Changing priorities – People always have changing circumstance, whether it’s families expanding, new jobs, break-ups etc. Especially as people may have made hastier or more accelerated decisions prompted by the pandemic.
Opportunities for Today’s Buyers
If you’re currently searching for a home, there are clear benefits at the moment:
- Modernised and improved properties – A lot of homes were purchased when owners had the time, budget and perhaps motivation to make improvements, so there are a lot of impressive energy efficient properties on the market.
- Motivated sellers – New priorities or circumstances mean that people can be more motivated to move and get something sorted quickly.
- Variety of locations – With increased listings comes a lot more choice and variety, depending on budget, location and priorities.
Could This Help Balance the Market?
Whilst the market isn’t as lively as during the pandemic, extra supply could provide welcome relief in a market that hasn’t been as buoyant in the last couple of years. This equates to more choice for buyers and for sellers, it adds welcome competition to get decent offers.
Homes with good connectivity, flexible spaces and energy-efficient features are always going to be of interest to buyers, so ensuring your property is as attractive as possible to buyers is a must.
For more information and advice, get in touch with our team at Home EA today.
