Homebuyers are shifting their focus onto having a large property rather than smaller or similar-sized ones throughout the country. The interest in upsizing to four or more bedroom homes has seen buyers move up 205 further when they purchase.
The focus has shifted towards the northwest where location is a vital role, as those previously occupying coastal and inner-city areas now want more rural landscapes when it comes to their ideal home purchase.
Players in the Shift
For new homes, the Help to Buy equity loan scheme played its part in enabling first time buyers previously priced out of buying a home, which has coincided with many people sick of inner-city life and looking to find true greener pastures.
As the pandemic took full effect over the last year, homeowners had a dramatic shift in regards to reassessing their long term future for what they want from their home, including the desire for more live-in space and natural surroundings for exercise and walking.
Fuel to the Fires
In 2021, with the full effect of the Help to Buy scheme, the stamp duty holiday and a gap between housing and demand, many buyers decided to turn their focus away from their usual surroundings and opt for something previously unappealing to their housing demands.
Now buyers are honing in on the requirement for larger new build homes and willing to move much further inwards and upwards towards the north-west, such as Cheshire, Manchester and Stockport among others.
North West to Keep Appeal
Whilst it is too early to tell how recent changes to Help-to-Buy and regional price caps will impact larger home demand in the future, the changing buyer behaviour is set to dominate the northwest for much longer as more and more properties become available.
The boost in popularity for northwest properties is indeed a boon for local estate agents Stockport who are seeing record amounts of interest in both the buying and selling of properties. With Stockport seeing more large properties in more rural settings, the interest has been coming from a variety of out of town interests.
New Home Based Working
Another huge shift in popularity has been the advent of home-based working, with many families previously having to move down south for career-based opportunities that can now be accessed by home working, seeing a shift in those wishing to move back towards their roots after a long stay close to work.