In recent years, property has often been thought of in terms of financial investment and potential profit. Homes have been bought, lived in for a few years and then sold on again for a nice healthy return. It seems, however, that trend may be coming to an end. Experts suggest buyers are increasingly seeking dream homes over a quick profit.
Dream homes over short term property
Tom Hudson from Middleton Advisors, a property buying agency specialising in country properties, says:
In the past, people might have looked at a potential nearby bypass and think, ‘Well, it’s not going to happen in the next five years, so I don’t care.’ Now they want to be sure they know what’s going to happen in the next 20 years.
Francesca Steele from The Times identifies that a similar pattern can be seen in London. Families are buying properties that require work with the plan to turn them into their dream homes. These are properties owners are planning to live in for the next 20 years. She suggests that owner-occupiers are increasingly competing with investors when it comes to buying such properties. Investors now have to contend with a 3% stamp duty increase, along with other tax relief changes. These factors increase their costs significantly. Owner-occupiers will often be willing to make a higher offer than investors, who must remain focused on profitability.
Why the change?
Danny Luke, managing director at Quick Move Now, commented:
For a good few years, potential buyers were viewing property with an underlying motivation focused on how much potential profit they could make.
There is increasing market uncertainty in many areas, and a looming Brexit. It is less easy to predict how the property market will behave in the next couple of years.
As such, buyers would be wise to think more long term. Will this property still meet my needs in 5 years’ time? Is there any scope to extend or adapt the property as my needs change? Does this property have the potential to be my forever dream home? Is it a home I’m willing to invest my time and resources into for the next 10 to 20 years?
The attitude of many would-be buyers is changing from viewing a property as a financial asset, to viewing it as a long-term home once again. In recent times property owners have felt fairly confident that they could sit on their property for a few years and make a profit simply from rising property prices. That confidence simply isn’t there anymore.
Dream homes – how to secure yours?
When it comes to securing dream homes, it’s important to make yourself an attractive buyer. This means ideally making yourself a chain-free buyer if you hope to compete with investors.
Dream homes are hard to come by, but Quick Move Now could help you secure yours by offering you a guaranteed cash purchase on your existing property. The sale will be tied up to fit in with your onward move, on a date of your choice. They’ll be no need to move into rental property in order to make yourself chain-free, and no worry about timescales not meeting.
For more information about how Quick Move Now has helped other people secure their dream homes read what some of our happy customers have to say. To find out how Quick Move Now could help you, fill in the free, no-obligation estimate form below, or call the Quick Move Now team today on: 0800 068 3366.