Surge in demand for homes with gardens
A month after estate agents resumed trading following lockdown, extra space – indoors and out – is expected to be top of buyers’ wish lists.
According to the May report from the Royal Institution of Chartered Surveyors (RICS), there has been a surge in demand for homes with private gardens and access to green space, with room for an office also in demand.
RICS surveys its members each month. Its latest report reveals that 81% of members predict increased demand for homes with gardens or balconies. Almost three-quarters (74%) anticipate more people wanting to live close to parks and open spaces.
Conversely, 78% expect a fall demand for tower blocks with 58% believing built-up urban areas will be less of a draw. For 68%, more private space and fewer communal areas will also be in demand.
Simon Rubinsohn, RICS chief economist, said: “There are already signs that those looking to buy a house are responding to the conditions created by the pandemic by seeking out properties with gardens or balconies and nearer green space.
“These and other similar features are likely to increasingly command a premium over higher-density urban locations, according to respondents to the survey.”
A survey by property portal Rightmove has also seen increased interest in acquiring more space. The study found that more than half of buyers and renters will consider lockdown when looking for in their next home, with two or three-bedroom houses top of their list.
The RICS survey for May asked about the number of buyer enquiries. Only 5% of members reported a fall in demand during the month – a dramatic improvement on April, when 94% said buyer interest had decreased.
Read more about this story in the Evening Standard Homes & Property.