Mark Twain said “Buy land, they’re not making any more”
This quote has never been more fitting than during the earth-shaking pandemic that we have been living through since 2019.
Land means space and we are advised to make space and give two metres between ourselves and others. We were advised to stay home as much as possible highlighting the need for space even more. Whenever we were allowed to leave home it was only for essentials and with the proviso that we keep space between ourselves and others.
Space has always been an expensive commodity and those of us in restricted living accommodation have been made acutely aware of that fact. Families living in high rise blocks and those without their own outside space have faired much worse than those with gardens and safe spaces to be.
In fact, the pandemic has caused a change in our aspirations. We no longer seek city living with its cramped spaces and have begun to look for airier more spacious living places. The country side has never been more tempting for those whose living accommodation does not provide for elbow room in the face of home working and home schooling.
House prices have yet to be greatly affected by the pandemic but this may be due to the lock down of general living and the inability to view homes in the usual way. Many estate agents are showing homes via video and zoom. Nevertheless, indications are that the market will be reflecting the post pandemic mood and space will be a costlier commodity. In UK the current stamp duty allowances have affected sales blurring the real effects of Brexit and Covid but this will stop when the government changes back to the previous rules.
Houses will be more desirable than flats and properties with outside space more saleable than those without. Trends will also be to get out of conurbations and into countryside. One estate agent Listed 10 villages in UK where prices have risen more than 50 percent in the past year.
Cornwall has overtaken London this year as the most sort after location on the leading online portals, according to analysis by the property portal of the BBC. Devon sits in third place. Properties with a sea view can add thousands to their value.
In the past we have seen overseas buyers concentrating on London property with Qatari and Emirati investors owning huge swathes of central city locations. This may still happen but it is quite possible that overseas buyers may concentrate more on country residencies as these will become more saleable and give greater chance of profit.
Online property portal data shows that five-bedroom detached homes have seen the greatest rise in sales in the last year. This is giving savvy property dealers an opportunity to be ahead of the game and make sound purchases of land and property in areas that will be future proofed in a world where homeworking and home schooling will be more acceptable and less fraught with lack of space and lack of privacy.
