THE TRANSATLANTIC MAGAZINE
Two recent surveys highlighted a notable change in the UK property market, with the Covid-19 pandemic and associated lockdown seeing more UK buyers looking for houses with gardens and spare office space for remote working. A new study in the US suggests that a similar trend is taking place on the other side of the Atlantic.
According to search data analysis from realtor.com, during the second quarter of 2020, "51% of views from urban residents of the US' 100 largest metros went to suburban properties in their metros, an all-time high since realtor.com began tracking metro level search data in 2017." The firm's chief economist Danielle Hale said that "We see lingering effects of the coronavirus on shopping behavior and preferences. In the Northeast, especially, people are now as likely as before the pandemic to be looking for a home in a market that's not where they currently live. However, those looking elsewhere are much more likely to be looking in smaller, nearby markets." Hale went on to observe that "With remote work more common and accepted, it seems that people are looking to locate further from the office either to enjoy more space at a better price, or get closer to nature in the mountains or at the beach. At this point, they are not venturing too far away."
The study also looks at the latest search trends for buyers in the West, suggesting that remote work practices could affect property demand in the region. The study also warns that "While the Southeast, especially South Florida and the states of Texas, Mississippi, Alabama, Georgia and South Carolina saw an increased interest from searchers in other markets during the second quarter, out of market searches slowed in July as the region battled a spike in COVID-19 cases. At the same time, some of the region's largest metros, including Atlanta, Dallas, Houston, Miami and Tampa, saw inbound searches decrease in July compared to the second quarter."
With Covid-19 causing property buyers on both sides of the Atlantic to reassess their needs, it's important to be aware of the latest developments if you're thinking of making a move.
The full realtor.com report can be found at www.realtor.com/research/july-2020-cross-market-demand-report