A report by Stacks Property Search suggests that the property market is confused, with buyers looking for seemingly contradictory features in their properties. On the one hand, everyone wants properties with better EPC rating, so they are cheaper and easier to maintain; but there’s also a demand for more space, mainly for working from home. There’s also a demand for unrenovated properties, but a shortage of tradespeople to develop them. So what’s the likely outlook for the property market in 2025?
Ed Jephson of Stacks Property Search says, “Smaller, more manageable, better insulated homes are in demand. Rambling properties that cost a lot to heat and to maintain are becoming less attractive to a generation of buyers who are less keen to retro-fit and renovate. Less is more, and a good EPC rating is becoming increasingly important.”
“Buyers who might want to rent property for short term lets, long term rentals, or just occasionally, are very concerned about buying anything with an EPC below a C rating as successive governments are committed to setting EPC standards for rental properties.”
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“The good news for those who are seeking un-renovated properties is that demand is falling and there are good opportunities for negotiating. There’s a scarcity of good tradespeople, and long waiting lists for the best builders and craftspeople.”
But the Stacks Property Search report also concludes, “Buyers want extra space. An office or study is a prerequisite for almost everybody who has a desk-based job. And with more time spent at home, property owners want a garage, barn or annexe to turn into something, whether that’s a yoga space; gym, artisanal space for arts and crafts or brewing or carpentry, party barns, bike workshops and store….. the list is endless.”
Countryside
The report also suggests that there is still a demand for countryside properties for those keen to get out of the city and find more privacy. The report says: “London buyers of part-time country houses want to be private. They’re escaping the restrictions and rules of the city, and they want the freedom to do what they want and make as much as noise as they like!”
But the dream is becoming less practical for many young families, the report suggests, saying “The countryside dream is alive and well, but is becoming more out of reach for young families, especially as there’s more focus on returning to office-based work. Digital nomads and entrepreneurs who have more flexibility are seeking out the good life, a property with eco-credentials, a bit of land for vegetables and a greenhouse, and access to sea or country or both.”
There’s a generation of Londoners who grew up in the countryside, and now that they have their own children are anxious to move back to their roots, the report suggests, adding “We see it all the time; rural buyers who have done a decade in the city, establishing themselves in a career, meeting a partner, and wanting a new pace of life, often hoping to return to the area in which they grew up.”
Part of the trend is for buyers to try and protect themselves from new development. “With planning easing, it’s becoming harder to find a sanctuary that won’t be affected by new build, whether that’s on a large or small scale” says the report.
“Knowledge of the local plan is essential, and understanding whether the area in which you’re looking has fulfilled its allocation of housing. Buying in an AONB (Area of Outstanding Natural Beauty), SSI (Site of Special Scientific Interest) or Conservation Areas offers some protection, but it’s no guarantee. Sometimes buying in the middle of a town or village is the safest option as there simply isn’t any more space. Edge of village may be a danger zone.”
Schools
As always, availability of good school is pivotal to many house moves, but it’s becoming more important to more buyers, the report suggests. Areas that have a good range of comprehensive and grammar schools are seeing rising demand for properties within catchment areas as a result of inflation-linked rises in private school fees and VAT. The cost of private education has risen 30% over two years and many families are having to leave the private education sector.
Wellbeing is also important, the report suggests – “Buyers want a healthy lifestyle, whether that’s city living, with everything on the doorstep – parks, gyms, sports centres, cycle lanes, climbing walls and safe running routes. Or areas in the countryside that offer lakes, rivers, hills, seaside and forests.”
A final factor is that grandparents want to be close to their grandchildren, wherever that is, and being in London certainly isn’t a deal breaker. “Many of the older generation are keen to move back to a city, where everything’s on the doorstep, a car isn’t necessary, and there’s plenty to do in the way of culture and entertainment” says the report.
See also: Experts at the Homebuilding and Renovating Show
