Half of homebuyers head to more affluent areas during property market boom

Research by estate agent comparison site, GetAgent.co.uk, has revealed just how instrumental the pandemic has been in shaping the property priorities of UK homebuyers.

The monotony of months spent at home due to lockdown restrictions has caused many homebuyers to reevaluate what’s important in a property, with larger homes and more outdoor space becoming the driving factor in their purchase.

At the same time, a stamp duty holiday saving and continued low mortgage rates have enabled many to put this change into action.

GetAgent’s research shows that 57% of homebuyers to have purchased in the last six months have been able to afford a bigger home, providing them with more space to help offset any future boredom of being stuck indoors.

28% purchased a similar-sized home, while just 15% had to buy a smaller property.

But it’s not just the property that UK homebuyers are upgrading. While 47% purchased their latest home in the same or a similar area to their previous property, 40% stated they were able to purchase in a more affluent area than before.

Again, just 13% had to buy in a less affluent area than previously.

Finally, with our social lives remaining restricted and summer fast approaching, it comes as no surprise that a huge 86% of recent homebuyers were able to afford a home with that all-important outdoor space.

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“Current market sentiment is incredibly positive despite the wider uncertainty that remains due to Covid.

Interest rates remain extremely favourable for those looking to fund their purchase via a mortgage, the stamp duty saving on offer has now been extended to as late as September for many, and there are other influential factors at play such as 95% mortgage products and the latest Help to Buy scheme.

All of which is helping to boost buyer confidence not only when transacting but also in terms of the size and location of the property they’re aspiring to own. The trend for bigger homes and outdoor space is not only helping many climb the property ladder, but it also appears they are climbing the social status ladder as well, making the move to more affluent areas than they may have otherwise.”

Survey of 1,219 recent UK homebuyers (last six months) carried out by GetAgent (7th April 2021).