As Quarter Four sits on the horizon and time to secure properties and complete sales becomes tighter, Centrick has been retrospectively analysing the most prominent property trends and considering what this means for 2023. By combining our expert knowledge with the latest reports from Zoopla, Rightmove and other industry leaders, we’ve come up with five key property trends to have in mind for your next property sale or purchase…
Trend One: More Space Means More Interest
Outdoor space will never go out of style, with Zoopla reporting that the search terms “garden” and “garage” have been popular on their platform prior to, during, and after the pandemic. In fact, Rightmove’s most popular trending properties all offer some form of additional space: whether it’s a home office, home gym, or al fresco dining area, there’s always demand for more square footage, especially if each room has a designated purpose. The same goes for indoor space, with research indicating that an additional bedroom could boost the value of your abode by up to twenty per cent. However, adding an extension isn’t necessary in order to create more space and boost the appeal of your home to buyers. Converting empty rooms into functional spaces or removing boundaries between individual rooms to form open-plan layouts, can also create the illusion of more space.
Trend Two: Energy Saving Initiatives
Considering that the British government is aiming to reach Net Zero emissions by 2050 and improve EPC standards so that the majority of properties have a rating of C by 2035, it’s no surprise that buyers are searching for sustainable properties. From an ethical standpoint, buying an eco-friendly property – or at least a property with sustainable features – is a desirable choice for those that wish to actively contribute to the betterment of the environment. Purchasing sustainable property is also a fantastic means by which to reduce energy consumption and bills over the long term, with the popularity of solar panels and heat pumps increasing in Rightmove searches significantly over the last few years. We anticipate that these trends will continue to thrive into 2023 with the cost of living crisis, fuel crisis, and soaring price of energy bills driving homeowners and tenants towards taking more considerable action to keep costs down.
Trend Three: Speed Leads To Satisfaction
With the pandemic producing a backlog of actions for estate agents, solicitors, conveyancers and surveyors, the value of speedy service and quick turnovers has never been more important to buyers and vendors alike. In fact, the process between ‘offer accepted’ and ‘contracts exchanged’ is taking an average of 150 days due to the delays, which is 50 days longer than it took in 2019 – this results in buyers spending more time paying rent or mortgages on their existing property whilst they wait for the administrative logjam to ease. This has made the prospect of a swift sale far more appealing to buyers, with 85 per cent of purchasers stating that streamlining the exchange process would impact their overall satisfaction, according to a Zoopla survey.
This makes the appeal of chain-free properties, or new build developments, far more attractive to purchasers as they are more proceedable and can provide an easier journey towards a quick completion. If you are part of a chain or have to sell your property in order to fund your next purchase, we advise securing a buyer for your existing home before you offer on your next one. Not only will the vendors of your new home take your offer more seriously if you are already Sold Subject to Contract, but you’ll get moved into your new home quicker!
Trend Four: A Slice Of Suburban Bliss
Thinking back to the first property trend we covered on the race for more space, it’s no surprise that suburban properties are increasing in popularity. Suburban regions, or simply areas that have a less clustered population density, are more likely to offer properties with garden spaces and larger plots. A study by Halifax last year found that there was a slight rise in popularity for suburban or village properties when compared to city-centre units. This is exacerbated by the fact that according to Zoopla’s latest insights, family units are the most likely to move house quickly. Thanks to the abundance of parks and schools associated with more suburban spaces, it’s no wonder properties in these areas are selling well.
However, this doesn’t spell gloom for city-centre investors and homeowners. With suburban property becoming increasingly desirable, we have started to see a rise in the prices of these properties, which is far from sustainable. This will ensure that city-centre property remains a viable option for buyers by remaining competitively priced when compared to the soaring cost of suburban homes.
Trend Five: Plots With Parking
It will come as no surprise that properties with parking spaces will remain popular in 2023. With car parking spaces in London costing as much as £250,000 – which is telling when one considers the ample opportunity Londoners have to travel by tube, train and bus through the city – it’s evident that purchasers are eager to secure properties with ample vehicle space.
Although this may seem contrary to the push for green property, the individuals surveyed by Zoopla in their Consumer Insights Survey stated that off-road or designated parking was important to them. Only 6 per cent of those surveyed did not state that they wanted a parking space with their next home, with most respondents stating that they would like a private driveway or a garage. In short, if you’re looking to list your home before Christmas, it’s crucial that you focus on parking availability, even if this means simply listing nearby on-road parking hotspots or rentable spaces.
Ready To Hop On These Property Trends?
As your local property experts, Centrick’s team is able to provide you with the latest property trends reports specific to your region to help you secure a sale. If you’re looking for further clarification as to what’s popular in your neighbourhood, where is best to invest, or how to improve the appeal of your property, please get in contact with us using the form below:
