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It ’ s fair to say that 2020 was a year of unexpected challenges for everyone . After all , who would have envisaged juggling working from home with teaching the kids maths whilst discovering the joys of baking sourdough ?
For brokers , there seemed to be a constantly changing series of events that made for a particularly testing time . From mortgage payment holidays to stamp duty changes and plenty in-between , brokers buckled in for the ride .
To give an insight on how they felt about the year that was 2020 – and their outlook for the year ahead – Leeds Building Society commissioned some exclusive research which asked brokers some key questions about a very different year ...
What kind of properties were people buying in 2020 ?
When it came to bricks and mortar , 42 % of brokers detected a change in the types of property their clients were looking for since lockdown kicked in .
Over two thirds of these brokers said they ’ d seen an increase in demand for ‘ new build family homes ’. The flip side of this was one third of the same group reported a decrease in clients looking for ‘ individual flats ’ since the onset of lockdown .
Has there been a change in preferred locations ?
Only 8 % of the brokers surveyed said there ’ d been a change in the type of location clients were looking for . With access to outdoor space at a premium throughout much of lockdown , it perhaps came as little surprise that these brokers had seen a shift in homebuyers moving from city centres out towards the suburbs . At the same time , it was noted that properties with a remote location where people could feel isolated , were now seen as less desirable .
Which clients are brokers spending most time with ?
With the suspension of stamp duty and schemes in place to help buyers get a foot on the property ladder , first-time buyers accounted for 50 % of the clients seen by the brokers surveyed . That works out as a 62 % increase in workload associated with first-time buyers .
Home-movers and next-time buyers aren ’ t far behind , taking up a third of brokers ’ hours . Like first-time buyers , they are making the most of incentives on offer as a result of COVID-19 . In contrast , time spent with pensioners and investors has fallen . Although family financial planning is accounting for a 7 % increase in workloads .
... it perhaps came as little surprise that these brokers had seen a shift in homebuyers moving from city centres out towards the suburbs