Trussle has found that 27% of those who moved in the height of the pandemic are now regretting their decision. This is made up of 12% who believe they rushed into the decision and now regret it, whilst the remaining 15% declared they are not happy and considering moving again.
In a survey answered by 2,000 adults and commissioned by Trussle, 76% of homeowners would choose a property with a garden, over being close to a rail station or public transport. The most recent research does show is that the location of that green space is starting to feel a little too far away from the now bustling towns for 27% of homeowners who moved to greener pastures during the pandemic.
For many, the pandemic encouraged homeowners to escape heavily populated cities, in a bid for increased space in the less populated and rural countryside, in what was dubbed the ‘countryside renaissance.’ However, two years on and there are signs of discontent from those who moved. Tussle saids this feeling of regret could be attributed to the return to normal life, with footfall in cities up, restaurants and bars busy once again and public transport use increasing every day. Additionally, it seems not everyone can be distracted by coffee and cheese while working from home, as 50% of company leaders indicate their company already requires or plans to require full-time in-person work in the year ahead.
However, 30% of those who moved in the last two years believe it was the absolute right decision, and 18% say they are happy, but it is taking longer to adjust than they first thought. It seems that those living in Edinburgh (14%) and Manchester (13%) are happiest in their choice of location, whilst 18% of those living in London, 17% in Newcastle and 11% in Birmingham all regret their decision to move.
Meanwhile, 24% of homeowners, more than double from two years ago, are now considering re-mortgaging their property to improve their current living conditions, rather than face the costs of moving.
Those in the London region and the younger 18-34-year old age group once again prove to be the most notable homeowner audiences wanting to upgrade their home, with 49% and 46% respectively interested in remortgaging for home improvement purposes. The most popular home improvements include a kitchen refit (33%), re-doing a bathroom (28%) and having a garden landscaped (24%). Whilst this builds on the same research conducted two years ago, it seems that desire for a new bathroom and a landscaped garden are creeping up, with increases of 5% and 2% respectively.
Amanda Aumonier, head of mortgage operations at online mortgage broker Trussle, said: “We are facing a key point in time for the housing market. There is no doubt that Covid-19 shifted homeowner priorities, and with the return to the office and normal life very much underway, it is understandable that many people are feeling unsure of their decisions.
However, it is vital homeowners consider the wider picture at this time, taking into account the cost of living crisis, interest rate rises and the soaring house prices. House prices are still at a high, however there are signs that it is beginning to slow, with growth in April at 12.1%, down from 14.3% in March. Homeowners who are looking to buy should do so with caution as with the market expected to slow, there is a real possibility of negative equity in the years to come. Alongside this, the costs of moving properties should not be understated, especially at a time when household expenses are already stretched.”