It might be the case that demand for property falls in 2021, but it is fair to say there will always be reasons for people to move home.
At Sovereign House, we are active in the local market here in Hackney. We speak with buyers and vendors, and we know what drives change. We also stay in touch with the national market, and various studies.
Therefore, we expect the housing market in 2021 will be an active one, and sadly, relationship changes will be a driving factor in the market this year.
Yes Homebuyers conducted a survey which outlines the reasons why people are moving home:
Divorce or end of a relationship cited by 23% of respondents
Relocating for personal reasons said by 21% of respondents
A desire to have more space was said by 19% of respondents
11% of respondents said they were relocating for work reasons
The same study also suggests searches for divorce guidance have increased by 25% due to COVID-19, and enquiries with divorce specialists have risen by 122%.
Other findings include:
57% of people say leaving their home was more upsetting than ending a relationship
Only 25% of movers have been forced to leave a property they would have preferred to stay in
It is also important to recognise that dealing with the pandemic has led many people to decide it is best to move home. Some of the other reasons for a property move include:
11% of people said they were moving for financial reasons
6% of respondents said they were downsizing to a more manageable property
2% of people were moving after getting married
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “There are a number of key life events that cause us to move home and unfortunately, divorce is one of them. We’ve seen a number of reports around a spike in divorce proceedings and breakups due to the additional stress placed on relationships during lockdown. So it’s no surprise that it ranks as the driving factor for home moves at present with Covid causing restrictions in other areas of life such as marriage and relocating for work. For some, a breakup will mean a double whammy of leaving their partner and a home they love, but luckily the number of us forced to leave a property we would prefer to stay in remains rather low. However, it says a lot about us as a nation of bricks and mortar lovers when having to leave a home is more upsetting than leaving the person we shared it with.”
These are challenging times in the property market, but there is activity and demand for homes. At Sovereign House, we are keen to help you with whatever you need in the Hackney housing market. Why not call us on 020 8985 5800 or visit us at 213 Victoria Park Road, we look forward to assisting you with your property needs.