The Coronavirus pandemic has led to a surge in the popularity of suburban and residential homes with gardens.
Suburbs were originally invented to avoid the noise and busyness of big cities.
Now, due to the pandemic more and more residents are looking for larger homes with gardens.
Never has it been a better time to develop and create new properties that take advantage of this opportunity.
If you are thinking about beginning a property development project on the commuter belt or in the suburbs, we can help.
Hunter Finance specialises in funding property projects across London and the South East.
Over the past 50 years, the suburbs seem to have lost their fashion and appeal due to the buzz of the city, or even the idealistic rural life of the countryside.
However, the recent pandemic and lockdown life have meant that potential buyers are reconsidering their priorities when looking for a house – a garden and the space for a home office are common requirements.
Some see potential in garden space, and consider building on a garden plot, or extending their existing suburban homes to make more space too.
Because of the rising popularity of suburban areas, house prices are rising.
But what about in the city centre? Prices in the city have been falling and first-time buyers are making the most of this opportunity.
Learn more here about why you should invest in London properties.
Over the past 12 months, the prices of properties in the garden suburbs of London have risen about 3%, and those registering for property slots in the outskirts have risen by 30%. More.
Prices in the South East, as a result, are always high, and the property is in much higher demand.
The London property market remains challenging in the central zones, so not only do suburban properties offer more space, but they are cheaper than an apartment walking distance from the city.
Although many are working from home, as lockdown eases, some may have to return to the office.
Commuter belts offer great transport links, so the idea of being within walking distance from the office is no longer a priority.
“Around 70% of prospective buyers have said that they are now prioritising gardens and outdoor space.” Robin Chatwin, head of Savill’s London branch.
In addition to London, the areas on the commuter belts around Manchester, Liverpool, Glasgow and Edinburgh have more than doubled in demand between February and June 2020.
To date, almost 40,000 applications have been made to construct on greenbelt land.
For first-time buyers, between 2019 and 2020, there has been a 1.2% increase in suburban properties. Read more.
Most who are considering the move to the suburbs are ‘second-steppers’. A ‘second-stepper’ property usually means a three- or four-bedroom home.
The price of these kinds of properties has risen 4.2% over the past year.
The highest increase has been in the larger properties, often called ‘forever homes’, which are also very common in the suburbs.
This section of the market has seen almost a 10% increase in property prices between August 2019 and December 2020.
These percentages show that the race for space really is on.
Buyers are upsizing and settling down in leafy suburbs, and even first-time buyers are striving for homeownership. More.
Others are taking advantage of the stamp duty, and bringing their move forward as they adapt to a new normal.
When considering whether or when you want to sell your property, it is important to consider the changing needs and wants of prospective buyers.
Or, if you want to get your property project off the ground, then now is the time.
Whether or not you want to sell, or begin your new project, we are here to help.
With over a decade of expertise and experience, Hunter Finance is specialist lenders who can help you with your property development or construction project.
Call us today on 01825 749 721.
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