RELATIONSHIP CHANGES DRIVING HOUSING MARKET MOVES

Relationship Changes Driving Housing Market Moves

There is no denying the impact of the pandemic and the lockdown will be felt for some time to come, and in many different ways. The economic and employment scene has changed considerably for many people, and this is something which will shape the housing market for the rest of 2021, and beyond.

You will also find the pandemic will affect many people’s relationships. For some households, the additional quality time spent with loved ones is one of the few positives to emerge from the past year.

However, for other couples or families, extra time spent at home has placed relationships under greater pressure. Remote working and being unable to socialise with others is challenging, and many relationships might not recover.

Also, one of the biggest challenges in maintaining a relationship is dealing with financial problems. Many households have struggled financially in the past year, and this will be another factor which might see relationships changing.

Relationship breakups are a common factor in people moving home, and it is likely that many of the property moves which take place this year will be related to changes in relationship status.

This has been a challenging time for many people

Yes Homebuyers conducted a survey which outlines the reasons why people are moving home:

  • Divorce or end of a relationship cited by 23% of respondents

  • Relocating for personal reasons said by 21% of respondents

  • A desire to have more space was said by 19% of respondents

  • 11% of respondents said they were relocating for work reasons

The same study also suggests searches for divorce guidance have increased by 25% due to COVID-19, and enquiries with divorce specialists have risen by 122%.

Other findings include:

57% of people say leaving their home was more upsetting than ending a relationship

Only 25% of movers have been forced to leave a property they would have preferred to stay in

The pandemic has also driven change in the housing market

It is also important to recognise that dealing with the pandemic has led many people to decide it is best to move home. Some of the other reasons for a property move include:

  • 11% of people said they were moving for financial reasons

  • 6% of respondents said they were downsizing to a more manageable property

  • 2% of people were moving after getting married

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “There are a number of key life events that cause us to move home and unfortunately, divorce is one of them. We’ve seen a number of reports around a spike in divorce proceedings and breakups due to the additional stress placed on relationships during lockdown. So it’s no surprise that it ranks as the driving factor for home moves at present with Covid causing restrictions in other areas of life such as marriage and relocating for work. For some, a breakup will mean a double whammy of leaving their partner and a home they love, but luckily the number of us forced to leave a property we would prefer to stay in remains rather low. However, it says a lot about us as a nation of bricks and mortar lovers when having to leave a home is more upsetting than leaving the person we shared it with.”

We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.