Lifestyle changes fuelling £25k property boost across Notts

It’s been a roller coaster of a two year period and the housing market has definitely felt the highs and lows.

But some research suggests that house sellers In Nottingham have had a bit of good fortune when it comes to cashing in on property.

It’s thought that nearly 50 per cent of sales could have benefitted from a hike of up to £25k on the asking price.

The research, carried out by Purple Bricks, also suggests that around 15 per cent of homes have sold for around £35k to £40k more than their price tag..

So what’s driving the boom?

Analysts of the research say their findings suggest that changes in lifestyle could be part of the reason for the boom in sales and purchases.

The research said that 50 per cent of those selling their home in Nottingham in the past two years did so because they were looking for a more peaceful way of life, a lifestyle change made possible by a combination of rising asking prices and high demand from prospective buyers.

The survey, which looked at the motivations of UK adults who have sold their home in the last two years, also revealed that 29 per cent sold their home in order to change their lifestyle, 39 per cent wanted a completely different type of home, and 29 per cent wanted to change location and move to a different part of the country.

Over half (51 per cent) purchased a home with more space and square footage. Over a third (36 per cent) purchased a property with a home office, and 14 per cent looked for a home with two home offices, driven by the changes in working habits due to the pandemic.

Not only were nearly half of sellers (48 per cent) looking for a bigger garden in their new home, but 1 in 10 were looking for an allotment or somewhere they could grow vegetables.

Detached homes were the most sought after property type, with almost half (48 per cent) of sellers choosing to move into detached houses, followed by semi-detached houses (12 per cent) and terraced houses (12 per cent).

Area Director for Purplebricks in Nottingham, Ian Brown said: “The events of the past 18 months have made many of us consider a change of lifestyle. This is one of the factors that has contributed to the highly dynamic, fast-paced property market we have seen in recent months. Our research shows that the confidence we can see among those selling their properties is entirely justified, with highly motivated buyers keen to move quickly with many looking to achieve a more peaceful lifestyle.”

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