If you moved home during the pandemic, you certainly weren’t alone.
Official figures from the Office for National Statistics (ONS) show that the number of residential property sales in England increased by a fifth between the year ending December 2020 and the year ending December 2021, with 821,407 recorded sales. Sales of houses in Wales increased by almost a quarter during the same period.
Rather than lockdowns and Covid derailing the housing market, it has boomed during the last two years. However, new research published by Money Age has revealed that more than 1 in 4 people who moved home during the pandemic now regret that decision.
Read on to find out why.
Demand for homes (and house prices) spiked in 2020 and 2021
Repeated lockdowns in 2020 and 2021 made many people reassess their housing needs.
For example, you might now be working from home part or all of the time, and not need to commute into your office anymore.
You may have a family and decided you’d like to benefit from more outside space. Indeed, the Money Age report revealed that 3 in 4 homeowners would now choose a property with a garden, over being close to a railway station or public transport.
Or, perhaps the allure of living in a town or city no longer appealed, and you searched for a bigger house in a more rural area?
Whatever your reason, demand for homes – particularly in the countryside – spiked in 2020 and 2021.
This had the effect of pushing up prices, with the ONS reporting that the average UK house price increased by 12.4% in the year to April 2022, to £281,000. That is a staggering £31,000 higher than April 2021.
27% of people who moved during the pandemic now regret that decision
While the property market may have boomed over the last two years, a new study reveals that more than a quarter (27%) of those who decided to make a change now regret that decision.
This figure is made up of:
- 12% who believe they rushed into the decision and now regret it
- 15% who declared they are not happy and are considering moving again.
The research highlighted that the pandemic encouraged many homeowners to escape heavily populated cities, in a bid for increased space in the less populated and rural countryside.
However, there is a suggestion that the current feeling of regret amongst some could be attributed to the return to “normal” life, with footfall in cities up, restaurants and bars busy again, as well as public transport use increasing every day.
Perhaps surprisingly, only 3 in 10 of those who moved in the last two years said it was the right decision. A further 18% said they are happy, but it is taking longer to adjust than they first thought.
5 quick tips if you’re thinking of relocating to a new area
What this research shows is how important it is to do some extensive research if you’re thinking of relocating.
If you don’t, you could be left regretting your decision and thinking about moving again – with all the additional costs that entails.
So, here are five quick tips if you’re thinking about moving to a new area:
- Visit for an extended period. Don’t drive around for half an hour – take a walk around the town or village, browse the shops and facilities, and talk to locals if you can.
- Test your commute. If you are going to be commuting – even just for a day or two a week – try it out on a couple of different days. What’s the traffic like? How reliable is public transport?
- Research the schools. If you have a family, research the local schools, read the latest Ofsted reports, and visit those your children are likely to attend.
- Eat out. Head out for lunch or dinner at a local pub, café, or restaurant (as it’s where you might spend a lot of time!) Chat to the locals as you’ll be surprised what you can learn.
- Head online. There are likely to be local forums or Facebook groups for the town or village you’re considering. See what is going on in the area, and don’t be afraid to ask questions.
We can help your move go smoothly
If you are regretting the move you made over the last couple of years and you’re thinking of moving again, we can help.
For example, when you last moved you might have committed to a long-term mortgage deal and now be wondering if you can avoid the early repayment charges for moving again.
Additionally, your circumstances (or the lending criteria of your bank or building society) may have changed since your last move and you now need fresh advice.
Whatever your situation, please get in touch. Email [email protected] or call us on +44 (0) 20 3411 0079.
