The Housing Market Post-Corona-virus
We are all adjusting to a Brave New World since the dawn of Corona virus. The UK’s economy has taken a substantial dip, with talk of recession evolving into concerns of a global economic depression. At such times, the property market is usually the first to suffer. As with most things in 2020, however, there could be some surprises in store.
The Housing Market in a Post-Coronavirus World
Any talk of corona-virus in the mainstream media is invariably followed by the word, “crisis.” There is no doubt that the term fits. A global pandemic is the very embodiment of a health emergency.
However, it’s worth noting that with crisis comes opportunity. Despite an enforced shut-down at the peak of the UK’s lock-down, estate agents have been reporting an upturn in business throughout the UK.
There was undeniably a little short-term pain before any long-term gains could gain a foothold. In May 2020, the nation’s average house price growth tumbled by 1.7%. That’s the biggest drop for eleven years, when the ramifications of the 2008 economic crash echoed throughout the market.
Already, however, green shoots of recovery have been noted. There has been a notable uptake in requests for new properties. It appears that the housing market will be among the first trades to make a full recovery in a post-pandemic world.
Why Move Now?
Moving house is often described as one of the most stressful experiences in adult life. Surely we all have enough to worry about right now, without applying additional strain to our daily lives? Why would anybody be considering a house move while everything is so uncertain?
The simple answer is logistics. Many, many people have been prisoners in their own homes for prolonged periods of time during the pandemic. Lockdown has taken an undeniable toll on personal relationships, and many people will be sick to the back teeth of staring at the same four walls. A change is as good as a rest, and many homeowners and renters will be keen to make a fresh start.
In addition, spare a thought for anybody living in an apartment or home without a garden. For weeks, these individuals would have had no opportunity to head outside other than essential shopping or exercise. The demand for properties with gardens is through the roof. Many of us fear the potential of a second wave of Corona-virus, and with it a second lock-down. This time around, people are determined to make their surroundings as comfortable as possible. The great British summer may be unpredictable, but we can expect at least some prolonged periods of sunshine.
There are also concerns about being surrounded by strangers. Take a look at the news and you’ll be reminded that citizens of major cities like London, Manchester, Birmingham and Liverpool have no choice but live cheek by jowl with their neighbors. The concept of social distancing is growing increasingly challenging as more and more people are returning to work – or simply going about their daily rituals that were held so sacred pre-pandemic. Some 40% of city dwellers are now opening their hearts and minds to the idea of a new life in a more rural setting.
Even those that work from home are understandably struggling with their existing properties. Many individuals, couples and families would have chosen a property based on their personal circumstances. Ordinarily, this would involve proximity to a workplace and school, or at the very least, public transport that took them there. Maybe the property was a little small, but that didn’t matter. They were busy and hardly ever there, after all.
Now, with home working expected to become the new normal in a post-Coronavirus world, this is less of a priority. Space in a home, however, is critical. With multiple adults potentially based at home all day, there is a need for working zones and time apart to blow off steam. Couples and families are being forced to live out of each other’s pockets, and that’s not always healthy. A new property, with a spare bedroom that can double as a home office, will be an appealing proposition.
Finally, there are financial concerns. The government’s furlough scheme is currently scheduled to run until the end of October. Beyond this, however, state-sponsored financial support is expected to draw to a close. This could leave a number of people and businesses facing economic uncertainty. For many, this is an opportunity to downsize or relocate to an area that’s a little less punishing on the wallet.
Will North Yorkshire Benefit?
North Yorkshire has long been considered a beauty spot thanks to the beautiful dales in the area. This led to concerns at the peak of the pandemic, with citizens of major cities flocking to second homes in the area to ride out the worst of the virus. As the country slowly but surely climbs back to its feet, however, many can be expected to make this move permanent.
House prices in North Yorkshire are not considerably cheaper than most other territories. Many local residents consider the area expensive. However, anybody seeking to relocate – especially after selling property in costlier parts of the south – will be able to up size substantially for their investment. Throw in the fact that North Yorkshire is frequently voted as having high quality of life, and you have the recipe for an appealing location.
As discussed, home working is set to become increasingly commonplace. People from all walks of life will no longer need to base their careers around proximity to London. This can only be a good thing for the rest of the country. Economic wealth and boom periods should start to become spaced more evenly throughout the nation. The housing market – and by extension, the local economy – of North Yorkshire is primed to benefit from this.
Arranging a House Move
If you’re considering making the move to North Yorkshire, Van Man York are ready, willing and able to make the transition as smooth as possible for you. Although we specialize in relocation within 30 miles of our base in York, we also handle relocation’s from all over the country. All you need to do is get in touch to request a quote, and we’ll do the rest.