Since restrictions on home moving and viewings were lifted in May estate agent Savills have reported that top end buyers are now driven by a desire for gardens and more outdoor space. The figures show that activity at the top end of the UK property market has surpassed expectations.
Savills reported that towards the end of June, sales in the prime residential market were 48 per cent higher than the weekly average for the same month last year, analysis has showed. The believe this demand is a direct result from lockdown and buyers looking for more outdoor and garden space due to spending more time at home.
However, Savills warned that buyers were still price sensitive amid the uncertain economic backdrop. They reported that in London average values slipped by 1.1 per cent for prime residential homes in the second quarter of the year, though on average they remained unchanged across other prime UK markets. They added that prices across the country have been supported by an increase in demand for country living.
The majority of Savills agents in London reported an increased demand for homes with a garden or outdoor space, while 82 per cent noted increased demand for a separate place to work from home, and 71 per cent found proximity to a local park.
Lucian Cook, Savills head of residential research, said: “Market activity has been buoyed by pent up demand, in part at least, but we have been surprised at the extent to which lockdown has made people reassess their housing needs and, more pertinently, act upon it.
“That said, buyers appear to be keeping their feet on the ground when it comes to what they will pay, meaning sellers must retain realistic price expectations if this momentum is to be sustained.
“The experience of working from home has made people aware of the limitations of their existing homes, and increased inside and outside space has become an all-important driver of demand.
“Not only has this changed the balance of demand between town and country properties, it has also underpinned the value of prime houses such as those along the established wealth corridor of south west London, particularly where they offer decent garden space.”
