The Covid-19 pandemic has caused significant disruptions to many areas of life, including the UK housing market. However, recent data suggests that the market is starting to recover, albeit with some noticeable changes. This article will explore the state of the UK housing market after Covid-19, with a focus on the city of Manchester.
The UK housing market after Covid-19
The pandemic has had a significant impact on the UK housing market, with many people forced to delay or cancel their plans to buy or sell properties due to the economic uncertainty caused by the pandemic. However, since the vaccine rollout began in early 2021, the market has started to recover, with many people now eager to take advantage of the current low interest rates and pent-up demand for properties.
According to recent data from the Office for National Statistics (ONS), UK house prices rose by 8.6% in the year to February 2021, with the average UK property now worth £250,000. While this is good news for sellers, it has made it more difficult for first-time buyers to get on the property ladder, as the rising prices mean that larger deposits are required.
Another notable trend in the UK housing market after Covid-19 is the increased demand for larger homes with outdoor space. This is likely due to the increased time spent at home during lockdowns, which has made many people reassess their living arrangements. According to a recent survey by property website Rightmove, the most sought-after property features in the UK include gardens, balconies, and more rooms for home working.
The impact on Manchester’s housing market
Manchester’s housing market has been affected by the pandemic in a similar way to the rest of the UK, with a slowdown in sales and an increase in demand for larger homes. However, the city has also seen some unique changes in the housing market, such as a shift in the types of properties that are in demand.
Before the pandemic, Manchester’s property market was dominated by the buy-to-let market, with many investors purchasing properties to rent out to students and young professionals. However, since the pandemic began, there has been a shift in demand towards larger family homes in the suburbs and surrounding areas, as people look for more space and a quieter way of life.
According to a recent report by Zoopla, Manchester is one of the top-performing cities in the UK for house price growth, with prices rising by 5.7% in the year to February 2021. The report also found that demand for properties in Manchester is outstripping supply, with the number of properties listed for sale in the city down by 21% compared to the same period in 2020.
Despite the rising house prices and shortage of properties, Manchester remains an attractive location for many buyers, thanks to its thriving economy, excellent transport links, and vibrant culture. The city is also home to several large-scale regeneration projects, such as the £1.4 billion NOMA development, which will create a new commercial district in the city centre.
Conclusion
In conclusion, the UK housing market is showing signs of recovery after the impact of Covid-19, with rising house prices and increased demand for larger homes with outdoor space. Manchester’s housing market has also seen some unique changes, such as a shift in demand towards larger family homes in the suburbs and surrounding areas. Despite the challenges posed by the pandemic, Manchester remains an attractive location for buyers, thanks to its strong economy, transport links, and culture. However, the shortage of properties for sale in the city is a cause for concern, and policymakers will need to work to ensure that there is enough affordable housing available for all.
How can Muse Architects help?
Muse Architects can help people get into the property market in Manchester by providing innovative and practical solutions to make the most of available space and create attractive and functional homes. One way to do this is by designing adaptable and flexible homes that cater to different lifestyles, such as incorporating space for home offices and multi-purpose rooms. They can also design energy-efficient homes that use natural light and ventilation, rainwater harvesting, and solar panels to reduce the property’s carbon footprint.
By designing homes suitable for modular construction, Muse Architects can help to reduce construction costs and make properties more affordable for first-time buyers. Additionally, they can design outdoor spaces that are functional and aesthetically pleasing, such as gardens, balconies, and roof terraces. Finally, Muse Architects can make properties more accessible and inclusive by designing homes that are suitable for people with disabilities and mobility issues, with features such as wheelchair ramps, accessible bathrooms and kitchens, and wider doorways. By designing homes that meet the needs of buyers, Muse Architects can make properties more attractive, functional, and ultimately, more affordable for first-time buyers in Manchester’s booming housing market.
