Fast-changing lifestyles fuel property boom
BUYERS LOOKING FOR NEW START PUSHING UP PRICES
THE last two years have been a rollercoaster and the housing market has definitely been through highs and lows.
But research suggests that house sellers in Nottingham have had a bit of good fortune when it comes to cashing in on their property.
It’s thought that nearly 50 percent of sales could have benefitted from a hike of up to £25,000 on the asking price.
The research, carried out by Purple Bricks, also suggests that around 15 percent of homes have sold for around £35,000 to £40,000 more than their price tag.
So what’s driving the boom? Analysts say the findings suggest that changes in lifestyle could be part of the reason for the boom in sales and purchases.
The research said that half of those selling their home in Nottingham in the past two years did so because they were looking for a more peaceful way of life, a lifestyle change made possible by a combination of rising asking prices and high demand from prospective buyers.
The survey – which looked at the motivations of UK adults who have sold their home in the last two years – also revealed that 29 percent sold their home in order to change their lifestyle, 39 percent wanted a completely different type of home, and 29 percent wanted to change location and move to a different part of the country.
Over half (51 percent) bought a home with more space and square footage.
Over a third (36 percent) purchased a property with a home office, and 14 percent looked for a home with two home offices, driven by the changes in working habits caused by the pandemic.
Not only were nearly half (48 percent) of sellers looking for a bigger garden in their new home, but one in 10 were looking for an allotment or somewhere they could grow vegetables.
Detached homes were the most sought-after property type, with almost half (48 percent) of sellers choosing to move into detached houses, followed by semi-detached houses (12 percent) and terraced houses (12 percent).
Ian Brown, area director for Purplebricks in Nottingham, said: “The events of the past 18 months have made many of us consider a change of lifestyle.
“This is one of the factors that has contributed to the highly dynamic, fastpaced property market we have seen in recent months. Our research shows that the confidence we can see among those selling their properties is entirely justified, with highly motivated buyers keen to move quickly with many looking to achieve a more peaceful lifestyle.”