In this video from Chris Wragg, Area Manager based at Paul Carr Estate Agents Aldridge branch, we are sharing the details on supply and demand in the housing market and how this impacts you as both a seller and a buyer, most importantly as we get to grips with the changes that have happened over the past year and a half.
From the housing market crash in 2008 which we all remember so well, to the unanticipated COVID-19 pandemic – what actually happens to the housing market when these huge events come crashing towards us and how do we prepare, predict, and adapt for the future and for the best outcome?
Since March last year, being honest, we all feared another crash – past experience left little to the imagination and fear spread beyond agencies into homes. However, the current reality couldn’t be further from this. Who’d have thought?
As attitudes towards life have changed over the past year, people began to think about taking steps to change the things they had been putting off in their lives. From finding their dream home, to taking the plunge to make the move or fully renovate their current property in accordance with their needs – people realised that life was, well, just too short to wait. So as demand soared in the market (for reasons we’ll go onto explain), supply was minimal. So here we are, things seemingly levelling out again with no secret that housing prices have continued to rise. But why? Let us explain why millions across the UK decided that the middle of a pandemic was the perfect time to up sticks…
1. Wants and needs will always be paramount
Whether your garden is just too big to care for alone, or your family is growing by the year, finding the property that works for you has never felt more important. As we all spend more time at home, we’re all realising what is truly important for us. Whether that we want a kitchen equipped for lockdown baking or a garden to embrace the fresh air, it has never felt more urgent than now.
2. Our focuses have changed
Through lockdowns and restrictions, life has changed for all of us. Many are looking to be closer to the ones that they care about after being apart for so long. The importance of family and friends is clear amongst our customer base as many look to relocate to be closer to the ones they love after so long apart.
3. Demand has risen
Peoples’ thinking has changed, life is just too short! A refocus has led people to thinking that they may as well take the plunge to do what it is that they want to do, as if they don’t do it now, when will their next opportunity arise? Many have saved more money from no holidays or going out giving them the opportunity to consider purchasing their first house or relocating into a more favourable home, both big factors in the increased demand.
So, what does this mean for you? Will things ever go back to ‘normal’?
At Paul Carr Estate Agents we’re on hand to guide you every step of the way through whatever problems or changes you may be facing this Summer. From growing families to cross-country relocating – we’re on hand to help with it all.
If the past year and a half has taught us anything, it’s to expect the unexpected and be prepared. And at Paul Carr Estate Agents we certainly are!