Are we starting to see a shift in buyer preferences in the current property market? Over the last couple of years, with Covid and the lockdowns, large homes with plenty of outdoor space and extra room for a home office were in demand. People were moving away from the cities and out to areas where green space was in abundance.

But are those buyer preferences changing? There are signs they are, and here’s why…

Affordability

At the heart of it all lies affordability. Compare the market today with that of a few years ago. You might say people were a little more extravagant with their preferences back then. But back then homebuyers could be more daring with their purchases. Low interest rates, better mortgage affordability and stamp duty deals all helped to get the property market moving. People could afford to sell an apartment in the city and move to a larger, rural home. Families could afford to skip the smaller step up to a slightly larger property, to one big enough for their long term future.

In today’s market, with high house prices and interest rates, and affordability stretched for a lot of people, buyer preferences are indeed changing.

Back to the office

Remote working is one of the legacies of Covid with more businesses offering this in some form of hybrid model. And there has been a gradual increase in the number of professionals returning to the office more regularly. In fact, a recent study by the Department of Transport, shared by Dataloft by PriceHubble, reveals rail usage is virtually back to pre-Covid levels for the first time since 2020. And further data from an independent survey by Market Financial Solutions shows buyer preferences have indeed changed. Homebuyers are now placing more value on a home with close proximity to transport links over the square footage of a property.

When the survey was first done by Market Financial Solutions in 2021, transport links ranked 14^th in a list of factors considered important by homebuyers. Repeating the same survey this year and transport links jumped to 6^th on the list!

How buyer preferences have changed

Estate agents are reporting a shift in demand for a certain type and size of property. And it’s the same for us here. Smaller properties, especially those that benefit from being close to transport links, are being snapped up very quickly. They are definitely selling quicker than those properties sitting in the middle to premium price range.

Zoopla recently shared some data highlighting that traditional two-up two-down terraced properties are currently the fastest selling property type in England and Wales. The reasons for this have been attributed to their appeal to first-time buyers and downsizers. They are usually more affordable for first-time buyers. And empty nesters who are downsizing can do so without giving up features likes a garden or second bedroom.

But more significantly, they are rare, we don’t see them come on the market often. So, they do sell quickly. We have proof of this ourselves. In August we listed a two-bedroom terraced property for sale on Manor Road in Altrincham (see image at the top of this page). A sale was agreed for it in under 10 days!

And we must add that larger properties do still sell well, especially here in Altrincham. They are just taking that little bit more time to sell compared to smaller, more affordable properties.

Are you ready to make your next move? With the summer holidays over and the children back to school, now is the time to focus on getting your property on the market. And if you’re buying a bigger home, prices are still negotiable. So, don’t delay – get your free valuation booked in with us, an independent estate agent who knows buyer preferences across the Altrincham market. Contact the office on 0161 941 4445.