Study shows COVID-19 has changed priorities for homebuyers

April 16, 2021 by Heidi

Borrowers

A new study reveals that the COVID-19 crisis and extended lockdowns over the past 12 months have significantly changed the priorities of many people looking to buy a home.

This research comes from Wayhome, and it shows that many of features that were previously considered priorities among those purchasing properties are no longer regarded as so important. These include being located close to good public transport links, close proximity to restaurants and shops and being within easy commuting distance of work.

While those features have declined in importance, others have risen. Over one quarter (26%) of those that Wayhome surveyed stated that sufficient room to set up a separate office for homeworking was something that they now prioritised. This increased to 30% among those who have children.

Equally, close to one third of respondents – 30% – said that a greater degree of general space was now among their top requirements in a property. Nearly one quarter (24%) cited the need for a spacious bedroom, while 36% said that they considered a garden of their own to be a key requirement.

Wayhome CEO Nigel Purves told Mortgage Introducer that the report clearly showed the pandemic had shifted priorities, adding:

“In most cases, we’ve seen a complete reversal, with potential renters and homeowners prioritising the things that would make living and working in that space the most comfortable and fit for purpose.”

This will be interesting news for advisors who have completed their CeMAP qualification, as it shows plainly what prospective clients will be looking for.