According to RICS, buyers want more green spaces

The RICS UK Residential Market Survey has released new results this week, according to the survey there has been a slight increase in buyer inquiries. Despite having fallen during the lockdown, the market appears to be recovering better than experts anticipated.

Although the short-term sales expectations are neutral (-5%), the expectations for the next 12 months are much more positive, showing a growth of 10% in possible sales.

On the other hand, RICS has also perceived a change in the price of properties for sale. Until April, prices had fallen by 32%, due to the uncertainty caused by the pandemic. However, since May there has been a small increase (10%), the main factor in this rise was the relaxation of the containment measures imposed by the government.

“Buyers out of confinement are looking for a bargain.”

Jeremy Leaf, a North London real estate agent, and former RICS residential chairman said: “There is no question that there has been a release of pent-up demand as buyers and sellers emerge from forced confinement, and many realize that its current properties are not adequate and trying, whenever possible, to get a bargain.”

“The reality is that many sellers are reluctant to cut the price substantially since around four in five tend to be buyers, too. They will only consider price drops if they can ensure equally good treatment on their next property.”

“Overall, first-time buyers, in particular, seem more nervous about job prospects as license support fades. We are seeing an increased demand for smaller family homes where buyers have a long-term view of the market outlook.”

Buyers want more green space.

81% of the surveyors think that there has been a significant increase in buying properties with gardens or balconies. Similarly, 74% believe that the demand for properties near parks and other green spaces will increase considerably. Finally, 61% of surveyors believe that the properties with the most private space and least community will be the most requested in the following months.

Tomer Aboody, director of real estate lender MT Finance, said: “Buyers are focusing on outer space and parks, which in turn will provide a resurgence of interest in home counties, as buyers feel they can get the more for your money the farther away from the city center they are prepared to go. This will also give them more room inside to work from home in the future, and perhaps make a second latch easier to handle.”

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“While this would be a natural human reaction to the current situation, there will still be shoppers who would rather be close to central London and avoid commuting, which has always been a problem due to overcrowded trains. This could drive up London home prices with gardens or other outdoor space.”

“We are seeing some confidence among buyers. With very little stock in the market at least in the short term, the transactions are being completed.”

HICH LTD continues to work to offer the best property survey service, before, during, and after the pandemic; we have redoubled our efforts to maintain the quality standard that has made us a leading property survey company.