While the real estate market in the UK is highly valued, the current Pandemic and Brexit has thrown a wrench into it. People are moving out, and international investors are itching to pull out if economies can’t return to normal.
Among regular folks in the UK, we have to rethink the way we work and live, and our decisions on where to buy a home have changed drastically.
Social Distancing and Housing Choices
Being in close-quarters is the main concern when it comes to the highly-contagious coronavirus. Most health authorities believe we should be within 2 meters apart and avoid sharing indoor spaces with multiple people (and even worse with central air).
The issue is that London and other major cities in the UK make it nearly impossible to follow these guidelines, which is why people are fleeing cities in mass. This is an opportunity to prop up suburbs, small cities, and villages more than before.
This is especially true for people that can work remotely, as they can afford to settle to small towns and work from their fast internet connections. With even rural areas having developed telecommunications, there is no need for non-essential office jobs in big cities anyway.
Where are people buying a property during the pandemic? Just take a look at a property for sale in Sunningdale, and you will see spacious properties and luxury homes for much cheaper than an apartment in London. Sunningdale is a civil parish in in the Royal Borough of Windsor and Maidenhead with not even 5,000 people present. If you were looking to get away to SE England, this could be the spot.
You may also consider Virginia Water, another sparsely populated town in the SE of England. Just take a look at a property to buy in Virginia Water and you’ll be flabbergasted at the amazing deals nowadays.
Selling Homes or Temporary Stays
For baby boomers reaching retirement age, they are more likely to make the leap and a permanent relocation strategy than younger counterparts. This makes them more than eager to sell their old properties in exchange for their new McMansion in parishes and cozy towns, ready to enjoy retirement.
Young professionals probably don’t want to jump the gun and are more likely to be renting outside of London, ready for a swift return into the new market. This is especially true of said youngsters don’t have kids and much on the line in face of this new virus.
Changing the way we buy property
Since the virus has made people avoid in-person interactions, the the home buying process has become quite restricted and people are utilizing technology to make remote purchases. This doesn’t mean you can’t make an informed decision, but open houses or regular meetings with agents may be on hold for quite a while.
If you decide to buy right now, you can take advantage of low prices (since people are lacking capital). If your financial situation is stable as a remote worker, there is no reason not to buy a home right now.