The COVID-19 pandemic has changed the way homeowners view their property. As many thought of their next property purchase, having more space, a garden, a garage, and a new location were top of the list, with many prioritising these property features over being close to the capital.
Recent research by property portal Rightmove revealed that Cornwall knocked London off the top spot for property searches and, at five million searches in February, was the most searched for location for buyers using Rightmove. Dorset also jumped from 20th in the list to 10th. It is no secret that the capital is an expensive market, and a lack of indoor and outdoor space is commonplace. Since working from home has become the new norm for most, rural locations are seeing an influx of homemovers keen for a change of scenery.
In regard to space, sellers of five-bed detached homes have seen the biggest growth in the market, with sales agreed for this type of property up 38%, compared to 8% for all homes. Prospective buyers looking for a garden have hit a record and the term ‘garage’ has been the most popular keyword used by homehunters using the platform. For renters, the two-bed flat has been replaced by the two bed semi-detached house for searches.
City-dwellers have been enquiring more about properties outside of the city, and over half (52%) of Londoners enquiring about properties outside of the capital, up from 39% this time last year. When looking at the second half of 2020, annual sales agreed grew by 69% in rural areas, compared to 49% in urban areas as people looked to escape to the country.
One would think that the pandemic would have halted plans to move property, and this was true in the first national lockdown last year, when the housing market came to an abrupt halt. However, since the housing markets reopened across England, Wales and Scotland in May and June 2020, Rightmove has recorded over 200 of its busiest ever days on site, showing that it is now having the opposite effect.
The “lure of the countryside” has led to six of the top ten places seeing buyer searches increase the most over the past year being located in Cornwall and Devon, with searches for the village of Stithians in Cornwall up by 224% on this time last year.
Speaking about their latest statistics Tim Bannister, Rightmove’s director of property, spoke of how due to the large population of London, it traditionally has held the top spot for the most searched for location on Rightmove, however “the past year has seen Cornwall crowned the new capital this year”.
From an agent’s view in the new most searched for area, Emma Ward, director at Goundrys Estate Agents in Cornwall said: “It’s been an incredibly busy year as people rethink the types of homes they want to buy and where they want to live.
“Some are moving here to be closer to family while others are looking for a complete change in lifestyle. Detached homes, which are around the £500k-£700k mark here, have been flying off the shelves, we’ve none left!
“We need more sellers to come to market as there is such strong buyer demand for places with garages, gardens, office space and more.”
Whether these regional trends differ as lockdown eases remains to be seen, but the needs of buyers could have changed for the foreseeable, with the pandemic allowing many to reconsider their priorities.
