Zoopla, one of the UK’s leading property websites, has recently released its annual report on key consumer trends and buyer behaviour over the past 12 months. The report provides valuable insights into the current state of the property market and sheds light on the factors influencing consumer decisions when it comes to buying a home.
According to the report, the UK property market has remained resilient despite the challenges posed by the ongoing pandemic. In fact, Zoopla’s data shows that the number of homes sold in 2020 was higher than in the previous year, indicating a strong demand for properties despite the uncertain economic climate.
One of the key trends highlighted in the report is the rise of remote working and its impact on property preferences. With more people working from home, there has been a significant shift towards larger properties with outdoor space. Zoopla’s data shows that there has been a 72% increase in demand for homes with gardens, and a 78% increase in demand for properties with balconies or terraces.
Another interesting trend revealed by the report is the growing popularity of suburban and rural areas. As people look for more space and a change of scenery, there has been a 26% increase in demand for properties in suburban areas and a 45% increase in demand for homes in rural areas. This shift in preferences has also led to an increase in property prices in these areas, with the average price of a home in a rural location increasing by 5.2% in 2020.
The report also highlights the impact of the stamp duty holiday on buyer behaviour. The temporary tax break, introduced by the government to boost the property market, has led to a surge in demand for properties in the lower and middle price brackets. Zoopla’s data shows that there has been a 50% increase in sales of homes priced between £100,000 and £200,000, and a 20% increase in sales of homes priced between £200,000 and £400,000.
In addition to these trends, the report also sheds light on the changing preferences of first-time buyers. With the rise of remote working and the stamp duty holiday, there has been a shift towards larger properties and away from city centre locations. As a result, there has been a 19% increase in the number of first-time buyers purchasing homes in suburban areas, and a 6% decrease in the number of first-time buyers purchasing homes in city centres.
But it’s not just the property market that has seen changes over the past 12 months. Zoopla’s report also reveals a shift in buyer behaviour, with more people turning to virtual viewings and online tools to search for their dream home. In fact, there has been a 59% increase in the use of virtual viewings, and a 28% increase in the use of online mortgage calculators.
Commenting on the report, Gráinne Gilmore, Head of Research at Zoopla, said: “The past 12 months have been an unprecedented time for the property market, but our data shows that it has remained resilient despite the challenges. The rise of remote working and the stamp duty holiday have had a significant impact on buyer behaviour and preferences, leading to changes in the types of properties being purchased and the locations they are being purchased in.”
The report also provides valuable insights for sellers, with data showing that properties listed on Zoopla have received an average of 34% more views in 2020 compared to the previous year. This highlights the importance of using online platforms to market properties and reach a wider audience of potential buyers.
In conclusion, Zoopla’s report on key consumer trends and buyer behaviour over the past 12 months provides a comprehensive overview of the current state of the property market. Despite the challenges posed by the pandemic, the market has remained resilient, with changing preferences and behaviours shaping the way people buy and sell homes. As we move forward, it will be interesting to see how these trends continue to evolve and how the property market adapts to the changing needs of consumers.
