One in five UK homeowners disillusioned with their homes due to pandemic
An independent study of more than 1,100 UK homeowners has revealed that the pandemic has left 19% unhappy with their homes.
Key findings from the research:
- For 24% homeowners and homebuyers, the pandemic has fundamentally changed what they look for in a home
- 23% believe their priorities have also evolved given the rise of remote working
- 17% are now inclined to live in a different part of the UK
- Covid has lessened the appeal of living in an urban area for 26% of respondents
- 19% say the pandemic has made them dissatisfied with their current home
One in five homeowners say the pandemic has made them dissatisfied with their home, according to new research from FJP Investment.
The investment firm commissioned an independent survey of 1,125 homeowners in the UK to establish how their property wants and needs had changed as a result of Covid-19. It found that for 24% of respondents, the pandemic has fundamentally changed what they look for in a home.
A similar number (23%) said the rise of remote working has changed their homeownership priorities. This number jumps to 44% among those aged between 18 and 34.
The study revealed a quarter of homeowners (26%) believe the impact of the pandemic has lessened the appeal of living in an urban area, which suggests that the ‘race for space’ trend continues to be a key driver in the market. This trend was again more pronounced among younger respondents, rising to 39% among the 18-34 group.
FJP Investment’s research also found that in light of the pandemic, 19% of respondents have become dissatisfied with the current property they live in, with a similar number (17%) saying they are now more inclined to live in a different part of the UK.
Positively, the research highlighted a desire among homeowners to forge deeper connections within their local area, with 39% of respondents now placing a greater value on living in an area where there is a strong sense of community.
Jamie Johnson, CEO of FJP Investment, said:
“The research clearly shows that homeowners across the UK are rethinking what they want and need from the place they live. And not just the property, but the local area, with people’s social and professional priorities shifting markedly over the past two years.
“It’s interesting to see some of the trends that emerged at the beginning of the pandemic, such as the ‘race for space’, are continuing to play out, even as the hustle and bustle of everyday life returns.
“With hybrid working patterns becoming a more permanent fixture for many, we should expect demand to shift further within the property market in the months to come. For instance, properties with greater indoor and outdoor space will be at a premium, and new post codes could quickly become more desirable among homebuyers who no longer feel tied to being near their workplace.”
Kindly shared by FJP Investment
Main photo courtesy of Pixabay