What Shapes Buyer Demand In March 2021?

Posted on: 9 March 2021

What Shapes Buyer Demand In March 2021?

With so many house moves in the second half of 2020, you would be forgiven for thinking that 2021 will be a quiet year in the housing market. Of course, this is far from the case.

A recent study offers insight into why people are currently moving homes. If you are looking to move home, contact Frank Schippers and we will be more than happy to assist you with the moving process.

There are always reasons to move home

Yes Homebuyers conducted a survey which outlines the reasons why people are moving home:

  • Divorce or end of a relationship cited by 23% of respondents

  • Relocating for personal reasons said by 21% of respondents

  • A desire to have more space was said by 19% of respondents

  • 11% of respondents said they were relocating for work reasons

While the end of a relationship has always been one of the main factors behind home moves, the pandemic has likely caused this to increase. The study uncovered the following factors:

  • 11% of people said they were moving for financial reasons

  • 6% of respondents said they were downsizing to a more manageable property

  • 2% of people were moving after getting married

Sadly, the pandemic likely led to many relationship breakdowns

Divorce and relationship breakdowns are an everyday part of life, but it is not unreasonable to believe the pandemic has caused greater problems. With remote working, couples will spend virtually every waking hour of the day together, and this places pressure on many people.

Also, the pandemic has impacted many couples financially, which is a factor when it comes to a relationship status. The same study also suggests searches for divorce guidance have increased by 25% due to COVID-19, and enquiries with divorce specialists have risen by 122%.

Other findings of the study include:

57% of people say leaving their home was more upsetting than ending a relationship

Only 25% of movers have been forced to leave a property they would have preferred to stay in

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “There are a number of key life events that cause us to move home and unfortunately, divorce is one of them. We’ve seen a number of reports around a spike in divorce proceedings and breakups due to the additional stress placed on relationships during lockdown. So it’s no surprise that it ranks as the driving factor for home moves at present with Covid causing restrictions in other areas of life such as marriage and relocating for work. For some, a breakup will mean a double whammy of leaving their partner and a home they love, but luckily the number of us forced to leave a property we would prefer to stay in remains rather low. However, it says a lot about us as a nation of bricks and mortar lovers when having to leave a home is more upsetting than leaving the person we shared it with.”

If you have any housing market questions or queries, please feel free to contact us. If you plan on selling your home, we recommend arranging a property valuation to ensure you make an informed decision. At Frank Schippers, we are here to support you in this trying time, and you can call us on 01344 777 888.

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