Knight Frank: People Will Continue Changing Their Homes After the Pandemic
August 30, 2021
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According to the company's survey of buyers, about 19% of customers have already purchased a new property in the context of COVID-19, while 20% want to do so.
Since last year, families around the world have been looking for more space or a second home, according to a survey by Knight Frank. The study was conducted among 900 respondents in 46 cities. About 19% of respondents said that they had already moved after the outbreak of the pandemic.
The main reason for moving was the desire to find more space to live. According to the survey, approximately 22% of those who found a new home noted that the main factor in making a decision was the availability of open space. And 19% indicated the need to increase the area of premises.
Details
The migration rate was highest in Australasia and North America, where 25% of respondents have moved since last spring. Due to the increase in relocations, the US country house market is booming, and rural areas of Britain are suffering from a shortage of affordable housing.
20% are planning to move next year. At the same time, 38% went to the city, 33% - to the suburbs and 15% - to the village Another 13% said they would like to move abroad, with Switzerland, France and the UK being the three most desirable destinations.
More and more people are considering buying a second home because of the pandemic. About 33% of respondents identified the virus as the reason for purchasing a second property, compared to 26% last year. However, 22% noted that they had to postpone plans due to Covid-19.
The survey also showed that the energy efficiency of the house is important for 84% of customers, while 27% are ready to overpay for a more environmentally friendly and energy-efficient house.
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According to Kate Everett-Allen, head of international residential real estate research at Knight Frank, respondents were also optimistic about the growth of real estate prices.
She said that more than two-thirds of people expect that the cost of their current housing will increase next year. Most expect an increase of 1-9% over the next year. This coincides with Knight Frank's main global forecast, which emphasizes that global house prices on average are likely to grow by 4% in 2021.
