While 23 per cent of brokers said the race for space was either “definitely” or “probably” over, 69 per cent said it was not. Eight per cent of the brokers polled weren’t sure, according to a poll undertaken by TAB during the opening event of its new Hertfordshire HQ.
The so-called ‘race for space’ started in the late pandemic as families looked to get out of the city and into the suburbs and countryside after being cooped up for months over lockdowns, or having lockdown babies.
According to recent data from Zoopla, three bedroom family houses are currently the most sought after property on the market, with demand almost twice the seasonal norm. UK buyer demand remains high at 65 per cent above the five-year average, but it has eased since January, with the average property staying on the market for just 29 days.
Duncan Kreeger, founder and CEO of TAB, commented on the survey: “In late 2020 and early 2021, City-centre residential rents fell as tenants moved into suburbs.
“In the last quarter of 2020, flats in London were taking 20 per cent longer to rent than they had before the pandemic – while the time taken to rent houses in the capital fell by over ten per cent.
“Then, in the first three months of 2021, home movers flush with housing equity left first-time buyers trailing as the drivers of the UK housing market, as the race for space led to a switch in the long-term balance of demand.
“I didn’t expect that to last until now. A year down the line and brokers are telling us this trend is still dominating the market.
“The move to home working during the pandemic loosened ties to the office and emerging hybrid working conditions are making distant suburban and more rural living more possible. Buyers with savings are targeting bigger properties with more outdoor space.”
