Between 21 and 27 April we asked almost 700 prospective buyers and sellers registered with us a series of questions to see how the experience of Covid-19 had affected their intentions to move, their price expectations and their priorities.

Unsurprisingly it showed more caution over buying and selling in the short term but less expected was an increased commitment to move in the next 24 months as the experience of Covid-19 has made people think more about the space they live in, the attributes of a property they most value and in some cases where they want to live. 

Here's what our Residential Market Survey showed:

• Some 39 per cent of those under the age of 50 expressed an increased inclination to upsize to make sure their accommodation better meets their needs, particularly given an expectation that they will work from home much more in the future. As a consequence almost half of respondents said a separate space to work from home has assumed increased importance, with good access to Wi-Fi also becoming more valued.
  
  
• To a similar extent, outside space has also become more important. This is particularly the case among the under-40s who, on working their way up the housing ladder, may previously have had to compromise on this particular feature.
  
  
• For those over the age of 50, the main driver was an increased inclination to downsize, albeit not to quite the same degree.
  
  Historically, there has been a reluctance for many older households to contemplate downsizing until absolutely necessary. The apparent change in attitude will have been influenced by another finding of the survey which surprised us somewhat: a greater inclination for older generations to provide financial support to younger generations –  primarily through the Bank of Mum and Dad – to help them buy.
  
  
• In terms of location, the bulk  of respondents said that Covid-19 had not impacted on the area they were looking to buy. But some 17 per cent said it had caused them to widen their search as they have become more flexible on location to meet other changing needs.
  
  
• The desire for space and a greater emphasis on the outdoors lies behind the increased attractiveness of prime property located in countryside and village locations. Approximately 40 per cent of our respondents felt this was the case and the potential for a rural renaissance comes at a time when country property looks increasingly good value compared with prime houses and flats in our most desireable towns and cities.
  
  
• And what of prices? Just under half of respondents indicated that both their expectation of the price that they would get for their existing home and the amount they would spend on a new property would not change because of Covid-19. Very few thought either would increase.
  
  The other half felt both would fall, the majority by up to 10 per cent. However, 20 per cent of respondents felt that their budget to buy a new home would fall by more than this figure, suggesting that there is likely to be some downward pressure on pricing in the short term and a period when the market has to finds its level as we come out of lockdown.

Further information

Contact Lucian Cook

Watch our video, Savills Client Survey - Key Findings: