Is British Property Now Facing a Crossroads?
Without a doubt, 2020 brought upheaval to the property market. Lockdowns and restrictions changed how properties could be viewed, and the process for completing all the legal requirements often slowed as property professionals struggled to adapt to distancing rules. Just as the property market was becoming increasingly concerned, there came a much needed boost from the government in the form of stamp duty relief.
Although the introduction of the stamp duty relief scheme provided a welcome boost to house price growth, concerns have grown over the long-term effect of lockdowns, Covid-related restrictions and the impact of the end of the stamp duty relief period. According to the FT, the boom seen in 2020 could peter out and leave a more stagnant market in its wake.
Buyers Demands Have Changed
Home buyers changed their focus during 2020. Many now envisage maintaining at least an element of working from home even once restrictions ease, so office space and nicer surroundings have crept up the list of requirements. A longer commute than would previously have been considered acceptable is also on the cards in order to achieve these aims.
Working from home undeniably presents some challenges, but 86% of workers would still be happy to work from home more often, with nearly 20% saying they would be happy not to return to the office at all according to a survey by recruiter Wade Macdonald reported in the HR Director.
Many would argue that this change was already coming and that Covid and lockdowns have just hastened it. Quality of life and work life balance are key drivers amongst young professionals, and this direction has been one in which we have been headed for a number of years. Today’s buyers are also demanding a different type of buying process with greater efficiency and transparency being expected.
How the Property Sector Can Add Value
Estate agents, solicitors, conveyancers, agents, mortgage brokers and surveyors alike have all seen a change in client expectations. Clients are quicker to become disillusioned and change suppliers than they used to be. A habit of blame has grown up among property sector professionals which has contributed to clients’ propensity to become dissatisfied more quickly.
The industry as whole needs to reset and look to how collaboration and engagement can work to their favour. Providing added value to potential clients can make a real difference. When searching for a conveyancing solicitor London will bring up a myriad of options. However, free guides and help such as those available at: https://www.samconveyancing.co.uk/Conveyancing-Solicitors/Conveyancing-Solicitors-London can make a real difference to perception and engagement.
With increased availability of online services or at least an ability to work remotely with property professionals, clients have increased choice and are no longer limited to local options. Those who choose to step up and make the process easier will likely see increases in their business and brand engagement. Those who stick to the processes formed in the past may get left there.
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