The events of the past 18 months have made many of us consider a change of lifestyle. Many homeowners have re-evaluated their requirements; what they are looking for in a home, their motivations to move and their confidence in the property market.
To understand their motivations for selling, we conducted a survey with 1,004 UK adults who have sold their home and bought another in the last 2 years.
The research revealed the buoyancy of the property market, with 61% of sellers saying they sold for over asking price, with a quarter selling for £30-40k more. Speed is of the essence too with buyers very keen to move quickly: a quarter of sellers received an offer within just one week of putting their home on the market and 40% accepted an offer on their home within just two weeks. The desire for a change in lifestyle is one of the factors that has contributed to this highly dynamic, fast-paced property market we have seen in recent months.
Confidence among sellers is currently high with 87% stating they were either very or somewhat confident that they would sell their home for a price they wanted within a reasonable time frame when they put their home on the market.
Moving motivations - A change in lifestyle
Almost half (48%) of those selling their home in the past two years did so because they were looking for a more peaceful way of life, as homeowners have re-evaluated what they want from a property during lockdown. Our research also revealed that over a third sold their home in order to change their lifestyle and 37% said they wanted a completely different type of home.
Countryside and seaside grow in popularity
Perhaps in a bid to make their search for a more peaceful lifestyle a reality, almost one third (30%) moved to the countryside or seaside, although almost a quarter still wanted to move to suburbia (24%). Despite sellers' desire to change their lifestyles, however, most did not move far - 43% only moved 50 miles or less from their previous home, with only 1% opting to move 150 miles or more.
Home offices, gardens and allotments soar in popularity
Over one third (35%) were searching for a home office, driven by the changes in working habits due to the pandemic. More women than men were looking for this, with 40% of women compared to 29% of men in search of an office in their new home. Home offices were more popular in Wales (51%) and Northern Ireland (41%) than in the rest of the country.
Not only were over half of sellers (45%) looking for a bigger garden in their new home, but over a quarter (26%) were looking for an allotment or somewhere they could grow vegetables. Green-fingered Welsh sellers (43%) were particularly keen to find this in their new home, but in contrast, only 17% of sellers in the Northwest were interested in this when they moved.
Detached homes were the most sought after property type, with almost a quarter (23%) of sellers choosing to move into detached houses, closely followed by semi-detached (18%). Only 17% chose to move into a flat, with almost a quarter selling a flat in order to move.
If you are dreaming of a new home, with your own office or a larger garden, or searching for a change in lifestyle, perhaps in a new part of the UK, download the Purplebricks app from your app store today and take the first step towards your new home.