One of Britain’s largest house builders, Bovis, has confirmed a huge surge in profits for last year, an increase of 48% from 2012, and say they are on track for similar results for 2014 (see the report here). Similarly strong figures from other large UK home builders such as Persimmon, Taylor Wimpey, Redrow and Barratt are further proof that the housing market is in recovery!
The Chancellors Group Property Survey has seen investment expectations alter too, as some of the key emerging trends were outlined from our participants.
According to The Chancellors Group Property Survey, 30% of buyers say their main reason for looking at properties is to move to a larger property. Whilst the majority of those surveyed currently lived in a 2 or 3 bedroom property, the desire for the long term was to own a house which comprised of 4 or 5 bedrooms, and to have just as many bathrooms.
Surprisingly, demand for bungalows is on the up in the long run, with just under 20% of participants claiming they would like to be living in one in 5 years’ time, compared to just 8% looking for a bungalow this year.
Parking and a garden remain the most important features when buying, with a balcony being the least important and surprisingly local schools being rated as ‘not important’ to 61% of the survey participants. It is worth noting that the majority of the survey participants were between the 41 and 50 age bracket and 60% had no dependants in their household, suggesting that these buyers are in a better financial position than their younger counterparts.
The Chancellors Group Property Survey also found that 70% of potential buyers are looking for a house over any other property, and 65% expect they will want to be in a house for the next five years, meaning that houses are still coming up trumps in the property market.
In a bid to nab the house of their dreams, participants admitted to visiting properties at different times of the day to ensure that they are making the most informed decision.
Thank you to everyone who participated in our survey. Congratulations to our prize draw winner, Jane Shoesmith, enjoy the gift vouchers!
Correct at time of publication. The views and opinions expressed herein are those of the individual contributor and do not necessarily reflect those of the Chancellors Group of Estate Agents Ltd or its subsidiaries. References to legislation, best practice and other matters with legal implications such as fees, rules and processes are included for information and editorial purposes only and are not authoritative, nor should they be interpreted as advice. When in doubt you should only take advice from an industry professional or solicitor where appropriate. E&OE.
