New Research Identifies Growing Property Buying Trends – Property Industry Eye
Strutt & Parker, part of the BNP Paribas group, has launched the latest addition to its annual Future of Housing report, which examines what consumers really expect from their next home and how they want to experience in light of events from 2020.
By polling 2,000 people across the UK and using data from Next X (BNP Paribas Real Estate’s location analysis tool), the research shows how people want to live by examining a variety of motivations and d ‘influences. These include the most important characteristics of the house today, where people want to live, how they want to get around, and how environmentally friendly or sustainable they are.
Vanessa Hale, Head of Residential Research and Analytics at Strutt & Parker, said: “In 2014, in our first report, we identified four unique cornerstones that are influencing the UK housing market: demographics, finances, lifestyle and location. What we realize today is that these four cornerstones, while important, have been joined by four major new influences: technology, community, environment and mobility.
For the majority, the pandemic appears to have heightened the desire to be in convenient places where they can walk to stores, be part of a community, and be easily accessible to friends and family.
While nearly half of those polled for the survey – 45% – said they would get closer to nature to improve their mental health, city life has the most appeal.
Almost a third of respondents – 29% – said they wanted to live in a big city, up from 12% in 2016. A city was the choice of 17%, and 12% said they would prefer a small town.
Villages are favored by only 10%, up from 21% of respondents in 2016, while 76% of respondents said access to shops and amenities was a major motivation for relocating, citing local grocery stores and shops as the most important amenities to have inside. on foot, in front of schools, restaurants, general practitioners and pharmacies.
Geographically, London was the most popular region for its primary domicile (20%), followed by the South East (11%) and third (9%) were the South West, Yorkshire and Humber and the North West.
Hale added, “During 2020 we have had time to reflect on our homes, our way of life and our motivations. While there has been an increased demand for family homes with large gardens and enough space to support new household activities, our report reveals that there is still an urban appeal for large numbers of people. This is due to various reasons, not only for access to jobs, but also for convenience, entertainment and community.
“And although there has been an increase in the number of people working from home, our research suggests that living near work and transportation remains a key priority for a majority of movers. Research also identifies a growing trend of those who want to make health and wellness a priority and want their homes to reflect that; whether by architecture, design or technology. “
A home close to work and transport remains an essential priority for the majority of the movers surveyed.
Almost two-thirds – 64% – said access to public transportation was important, 55% wanted to live close to work, while 49% said they wanted to live within 10 miles of the workplace.
Some 26% said they did not want to be more than three kilometers from the nearest transportation hub, although the car was the main preferred mode of transportation for 57% of respondents. Only 16% cited walking / running, 11% public transport and 5% cycling.
Louis Harding, director of the London residence of Strutt & Parker, said: “The experience of the last year may have accelerated some decision-making. People who would have left a large urban area in three or four years may have decided to continue, but there is no indication that this completely changed people’s attitudes. If someone wanted to live in the city before, they will still want to live there now. The culture, fashion and nightlife that make London, for example, a great city won’t just go away.
“And for those who wanted to maintain access to a bustling city center, but needed more space, we saw the surrounding suburbs and urban villages increase their appeal, which is supported by the increase in use of local main streets during the pandemic.
The research also looked at what types of homes people want, as well as what features are most desirable.
The study found that single-detached ownership was considered the most popular in research (41%), followed by a semi-detached (21%), an apartment (19%), and a townhouse (8 %).
In terms of how many rooms people wanted, 34% wanted three, 28% for two rooms, 22% for four, and 7% wanted only one.
Having a spare bedroom or laundry room was jointly named the most desirable additional rooms by 34% of respondents. This was followed by a downstairs toilet / cloakroom or bathroom (33%), a dedicated home workspace (28%), and a walk-in closet (19%).
The research also asked what were the most desirable durable features people were looking for in their new home, and what technology they had or wanted:
|Which of the following durable features will you look for in your new home?|
|High levels of insulation||47%|
|Energy efficient heating materials||34%|
|Green building materials||25%|
|Charging points for electric cars||22%|
|Heat pumps (i.e. Air, geothermal)||16%|
|Natural antimicrobial materials||15%|
|Painted rooms with low VOC content||13%|
|None of them||6%|
|Which of the following items of smart technology available in homes, which of the following do you own, do not own but are interested in, do not own and are not interested in, or that you are not aware of?|
|I have this||I don’t have that but I’m interested|
|Smart speakers / home devices (Amazon Echo, Alexa, etc.)||51%||Smart leak detector||46%|
|Home security / surveillance||34%||Smart thermostats||45%|
|Smart smoke detectors / surveillance||33%||Smart lighting||43%|
|Energy monitor||32%||Smart door locks||43%|
|Smart thermostats||29%||Smart smoke detectors / surveillance||43%|
|Smart lighting||29%||Energy monitor||43%|
|Smart washing machine||21%||Home security / surveillance||42%|
|Smart door locks||19%||Smart refrigerators||40%|
|Smart refrigerators||18%||Smart washing machine||36%|
|Smart cabinets||15%||Robots, for example Roombas||35%|
|Robots, for example Roombas||13%||Smart cabinets||30%|
|Smart leak detector||12%||Smart speakers / home devices (Amazon Echo, Alexa, etc.)||22%|
Among the property tribes identified in 2015, by far the fastest growing is that of “Mecos”. These are people who make health and wellness a priority and want their home to reflect it, whether through architecture, design or technology.
In 2015, 20% of survey respondents identified themselves as Mecos. By 2020, that figure had almost doubled to 39%. But the desire to live with respect for the environment is common across the UK.
Overall, many cited a desire for home improvement such as double glazing (57%), high levels of insulation (47%) or solar panels or solar power (38%) as means. to live a greener life.
Others said they wanted to buy direct from farmers (48%), grow vegetables (44%), or have milk delivered in reusable glass bottles to reduce single-use plastic (42%).
However, the two main things respondents say they actually do are use a green energy supplier like Octopus or Bulb (44%) and recycled beyond local collections (54%).
Almost half of respondents (46%) said they would like to drive an electric car.
One of the most striking results of this year’s survey was the clear demand for new homes, which appears to be driven in part by young metropolitan movers.
Some 72% of 30-34 year olds said they wanted to live in new construction, compared to just 19% of those over 66.
Meanwhile, 69% of Londoners of all ages expressed a preference for a new home, well above the national average of 48%.