This month we have seen the sunshine finally return to our streets, the COVID death rate has hit zero for the first time since the pandemic began and we are set to see further restrictions lifted imminently – all meaning there is much to look forward to this summer.
As we move into this new chapter, we felt it was time to reflect; looking back on how the pandemic has reshaped the property market, highlighting some key changes to the way we work here at Ashtons and to look forward to what a post-pandemic future will look like for the property industry.
House prices boom
The property market this year has seen a significant increase in house prices. Data from Rightmove shows that the average asking price of a property coming to market has risen by 2.7% in the past 12 months.
Local areas such as St Albans, Harpenden and Berkhamsted remain affluent and, largely, financially unaffected by the crisis and past restrictions on dining out and holidays abroad has meant there is cash to spare. Jon-Paul Brampton, Sales Manager here at Ashtons, explains “This has created a high demand market in a market which has notoriously short supply, pushing prices up and creating a competitive environment for buyers that we haven’t seen since pre- Brexit.”
Despite lockdown measures, property markets in the UK are open, viewings are going ahead, and more and more houses are coming on to the market every day. So, if you’ve decided that now is the right time to move, you’re certainly not alone.
The people have spoken
Triggering a change to the status quo, COVID-19 has acted as a catalyst to working flexibly and remotely, encouraging us all to re-assess the way we work, where we work and - on a more personal level - where we see ourselves at our happiest given the still uncertain times ahead. While the industry has undeniably faced difficulty, the pandemic has also shone a light on what consumers are really looking for and recognising this shift in buying patterns has been crucial to the property market’s recovery.
The hunger for space and buyers looking to move to larger homes is driving demand in the prime housing market. And as the working from home trend looks set to continue, home offices, extra room and outdoor spaces are becoming a priority for many looking for a change of lifestyle.
Escape to the country
As working from home continues to be the new normal for many of us, we’ve seen an increased desire for non-metropolitan living and more outdoor space take centre stage over the last 18 months. In fact, city-dwellers wanting to move out to a village setting are up 126% due to the current pandemic. These numbers are further boosted by young families fast-tracking ambitions to escape London, accelerating plans that were medium term goals pre-pandemic.
We have been selling and letting property in Hertfordshire for over 35 years. With charming countryside on their doorstep, prime housing stock, excellent schools and popular walking paths for everyone’s new favourite pastime – we expect that the already desirable commuter-belt towns of St Albans and Harpenden and the surrounding villages will only soar further in popularity.
It's not you, I just need more space
The government’s ‘stay home’ campaign saw our homes suddenly serving as makeshift offices, school classrooms, gyms (and pubs!). This increased time at home and COVID-19’s far-reaching implications on home usage and design made people acutely more aware of the space they have and therefore their desire to want more.
While green space and gardens have undoubtedly become a crucial search factor, so too has the space for home offices, with UK estate agents noticing a 326% jump in searches for ‘office’, ‘workspace’ and ‘working from home’ in property listings.
Lockdown has proved for many that working from home can, ahem, work, so this is certainly a trend we see continuing past COVID-19.
Virtual viewings are here to stay
The adoption of virtual viewings, 3D tours and video tours are a key example of how we have altered the way we market our properties and enhanced the customer’s viewing journey in the past year.
While the adoption of virtual viewings and increased online technology to market homes was brought about by the physical restrictions of the pandemic, the response from agents, sellers and buyers leads us to believe that virtual viewings are far from being just a lockdown novelty.
Undeniably, there will always be the desire to see a property ‘in the flesh’, but the introduction of virtual viewings and digital tools has proved to be an extremely beneficial tool in whittling down a buyer’s shortlist, and the perks don’t stop there:
First and foremost, virtual viewings have allowed agents, sellers and buyers to stay safe during these uncertain, troubling times.
Virtual viewings also offer greater flexibility; prospective buyers can view properties online at a time that suits them and from the comfort of their own home.
Online viewings also save time by eliminating the need to travel, clients are now able to see more properties in a day then physical viewings would allow. This especially benefits those looking at properties in areas further afield.
For nervous first-time-buyers, or those just beginning to consider their move journey, virtual tours are a great place to start to get a better idea of available homes within your budget and desired location.
Virtual viewings also benefit the seller – with less physical visits to your home, sellers experience significantly less disruption to their daily routines.
Advancements in technology have proven hugely beneficial to each step of the property process and opting to utilise technology has allowed us to become more agile and flexible in how we work. At Ashtons, we know our people will always be the key to our success however the last 18 months has demonstrated how clever technology can work hand in hand with human processes to create the perfect experience for agents and clients alike.
The pandemic has changed how we all think about our homes and where we live, possibly forever – but here at Ashtons we feel optimistic about the year ahead and will continue to put our clients and their move aspirations first as we move through 2021.
As the agent who has sold more new homes on Rightmove than any other agent in Hertfordshire for the last two years, property is our passion, and we will continue to think differently and to expect extraordinary…
Get in touch today if you’re looking to rent, buy or sell or if you have any questions – we’re always happy to talk.