New Rightmove data details some of the trends we’re seeing from across the housing market in the first half of 2022.
Quick Summary:
- Desire for city living increases
- Home hunters are more certain about what they want
- People are looking at properties in larger search areas
- More people want to live near train stations
- Flats are the most in demand property type
Read on to find out what they are as Belvoir unpacks what this means.
1. Interest In City Living Is Increasing Again
Country locations were at the top of home-hunters’ wish lists during the pandemic. However, with many people returning to work, at least for part of the week, there has been a resurgence in demand for properties in major cities.
In fact, Rightmove reports a 50% increase in rural home-movers looking to head into some of Britain’s biggest cities, including Bristol, Liverpool and London, compared to the lockdown period of January 2021.
2. Home-Hunters Are More Certain About What They Want – And Garden’s Are More Important Than Ever
Prior to the pandemic, most customers searching for a home on Rightmove didn’t narrow their search to a certain property type, instead, contemplating a terraced or detached house, for example. Due to shifting priorities, searches for just one sort of property are currently the most prevalent. Buyers are certain about what they want.
Homebuyers who were previously open to purchasing a two- or three-bedroom home are now narrowing their search criteria to discover their ideal home. And for many people, the ideal house includes a garden; data shows a 70% spike in searches for gardens in the last two years.
3. People Are Looking At Properties In Larger Search Areas
Despite the fact that homebuyers are less likely to compromise on property type, many are now prepared to look at properties in larger search regions. If that means relocating further away to locate a property with green space or an extra bedroom to convert into a home office, so be it.
People have been expanding their search areas by as much as 58 square miles. That’s the equivalent of 25 times the size of Monaco or the entire island of Manhattan. So, how does this affect your house hunt? You’ll see an average of 6,000 more properties in your search results if you increase your search radius by the same amount. It might make all the difference in a competitive property market to assist you in finding ‘the one.’
4. More People Want To Live Near Train Stations
Because so many people switched from working in offices to working from home during the pandemic, living near railway stations fell to the bottom of the priority list. However, with the restoration of more frequent commuter journeys, this trend is now reversing.
Homes near Brixton Station in south London saw the biggest jump in buyer searches, rising 171% from 2021. For those looking to travel into the capital from further out, commuter links from Chelmsford were popular with buyers (up 118%), while Ashford International Station attracted 261% more searches from those looking to rent a home.
5. Flats Are The Most In-Demand Property Type
People wanted as much space as possible while pandemic restrictions were in place, therefore houses ‘took the show’ as the most in-demand housing type in 2020. However, as more people return to city centres for work, demand for smaller flats in central regions is increasing.
Three-bedroom flats are currently more in demand than three-bedroom homes, indicating that while buyers may be wanting for an extra room to work in, they are balancing this with the lower costs that comes with a flat..
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