When you consider the impact of the stamp duty holiday, there is a strong chance that the 2021 housing market will not be as active as the 2020 market. Then again, let’s not forget the 2020 housing market was closed down for around six weeks, with very few transactions taking place.
Even if there is a fall in the number of property deals this year, there will always be reasons for people to move.
People move home for many reasons
Changes in work and personal relationships are the leading factors in why people move home. When you consider the past year, it is likely many people will experience a change in relationship status this year.
Remote working and a lack of socialising means most people have spent a lot of time at home in the past 12 months. This will place some relationships under greater stress.
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 Yes Homebuyers study also suggests searches for divorce guidance have increased by 25% due to COVID-19, and enquiries with divorce specialists have risen by 122%.
The housing market will remain active
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.”
At Intercounty, we are here to assist you as best we can. We are local specialists in the Chelmsford housing market, and if you are keen to connect with likely buyers, we can assist you.
For all sales enquiries in Chelmsford, please feel free to call us on 01245 251442 or why not email us at firstname.lastname@example.org. With considerable experience in the local housing market, and free valuation services, we look forward to helping you make an informed decision in the Chelmsford property sector