The demand for larger properties is currently much higher than that of smaller residences such as flats. This sudden necessity for larger properties has increased their value tremendously. So much that, this month, the prices of houses across the UK increased twice as much as flats and apartments. Price growth for houses in the UK is at a 4.3% rise – and will continue to grow. Whereas the price growth for flats is 1.8%. This is not just a regional/city/countryside trend either. This pattern is occurring right across the whole of the United Kingdom. Figures show that it is in Wales, North West, Yorkshire, and Hull where house values are rising the most.
So why is this happening? Well, just like everything else these days… coronavirus, of course! Due to the Covid-19 pandemic, and subsequent lockdowns, people have been spending prolonged periods cooped-up indoors. People are beginning to appreciate the importance of personal space. Being indoors for hours on end this year has seemingly pushed people to demand some much-needed additional space.
We have noticed that the most popular internet property searches currently include: ‘detached’, ‘garden’, ‘secluded’ and ‘rural’. Homebuyers are also searching for houses with large gardens, parking spaces, good-sized kitchens, and extra space for an office or two so that they can work from home.
So, what do you do if currently own a flat and want to sell it for a good price? For a short while, you will need to be patient. 2021 is going to be a difficult year for those who want to move up the property ladder from a flat to a house. Initially, your flat may take some time to sell and if it does sell, it may go for a lower price than you anticipated. Also, you may have to fork out huge sums for your dream house due to the huge competition you will face.
In the first half of 2021, it is expected that houses and large properties will continue to be sought after. Which in turn will most definitely continue to increase their value. It is favourable to own a larger home now more than ever. If you plan on cashing in and downsizing, perhaps now is the time to do so. If you own a smaller property such as a flat or an apartment, do not despair, normality will return… eventually. Our advice would be to list your property off-market and suss out how your property would do ON the market – you can test prices, communicate and get feedback from potential buyers, and even start gaining a wait list of viewers. We created the off-market feature specifically for those times when you’re considering moving in the future and would like to ‘test the waters’ on the housing market. Off-market allows you to modify the price without it being publicised if the price decreases, communicate directly with buyers through private messages to get feedback on your listing, and talk to people who may be in a similar position looking to move in the future. This way, you can both secure your sales and purchases without the worry of anyone dropping out!