Understanding Buyer Preferences in Buckingham
The Basingstoke property landscape experienced significant transformations in the recent two years, much like the rest of the society, economy, and many spheres of human life, increasingly influenced in the last 1.5 years by the ongoing pandemic. The following work aims to explore the changes in what kind of properties were bought and the underlying preferences in the country, comparing the current demands with the perspective of almost three decades. The housing unit types the current paper will focus on are detached, semi-detached, terraced houses, and flats, covering properties in Basingstoke and a 1-mile adjacent radius.
Basingstoke Detached Houses: A Shift Towards Modernity:
According to property experts, including Buckingham estate agents, detached properties, which have always been the epitome of homeownership in Basingstoke, praised for their space and seclusion, lose their appeal with local buyers. Only 23.9% of all property sales were detached houses over the last two years, which is drastically less compared to 29.4% throughout the last three decades, making an 18.9% property share. Importantly, this trend began well before the pandemic and indicates shifting homeowners’ priorities. These include changing demographics, transforming living standards, and the increasing rates of land, making larger and more private options less desired compared to those that prioritise convenience and access to city amenities.
Basingstoke Semi-Detached Houses: Balancing Space and Affordability:
In contrast, semi-detached houses in Basingstoke have maintained a consistent presence in the market, offering a middle ground between the expansiveness of detached homes and the compact nature of terraced houses. Their enduring appeal is evident among diverse buyer groups, including families and young professionals who appreciate the blend of space and affordability these homes provide. Recently, there has been a noticeable uptick in demand for mature, extended semi-detached houses. This suggests a market adaptation to the growing needs for home … Read the rest
