How COVID-19 has Impacted the Real Estate Market

From changing priorities to a hike in real estate market prices, to hybrid working, the pandemic has certainly changed the way we live and work.

 

Before Covid, working remotely was often considered a luxury for those working in multinational companies who traveled extensively and who had the capability and systems in place to support their worker’s home office needs.    It was also something that most people never even considered, let alone wanted to do.

But when remote working was forced upon us in 2020 companies had to adapt and so to did their employees.   

Workspaces were carved out in bedrooms or anywhere adequate Wi-Fi could be found in a house.  

Fast forward to 2022, just two years later and we now have a new type of working, hybrid working and it is fast becoming the new norm.   

We also have a lot of people wanting to stay working from home because they found the experience of working remotely to suit them better.  Many enjoyed a lesser amount of time spent on the commute to and from work.    Others enjoyed the extra time it gave them to spend time with their families.     

But these two factors combined have made people look more closely at where they are living and for the first time for many, made them ponder whether their living arrangements suit their family’s needs.

In his article “How Covid has Changed where we Want to Live”, BBC News Correspondent Kevin Peachey  reports “Cornwall has overtaken London this year as the most searched for location on Rightmove”.  He added “Neighbouring Devon sits in third, and Dorset has risen from 20th to 10th”.

This goes to prove that people are looking more at their quality of life since the pandemic forced them to change their realities.

Peachey also states “The popularity of a rural or coastal life, confidence in improving broadband, and the attraction of indoor and outdoor space are linked directly to the lifestyle lockdowns have forced upon most people in the last year”.

Of course, with a higher demand for houses also comes higher prices.    That is backed up by data from Rightmove, a website which have created a new tool to help you easily find the areas that match your budget and needs.  Their data reveals that “five-bedroom detached homes have seen the biggest rise in sales in the last year”.

Finding a property within your budget is always a top priority.   Luckily, there are ready-made tools including calculators, to support you estimate mortgage affordability based on your income, including income from investments, annuities, alimony and government benefit payments.

Some people have taken remote working a step further and have taken to working from abroad.   One such person Aoife O’Brien, Creator of the Happy at Work Podcast decided to include travel as part of her working life. You can read more about the stories of people who have “switched their desk chairs for deck chairs” in this Times article.

So, whether you decide to uproot the family and head towards a more coastal location or invest in making your property more work-friendly, make sure you tap into the supports that are there to ensure you create a pathway that suits you and your family’s unique needs into the future.

Hybrid working is going nowhere!