It’s clear that we’re undoubtedly living through times of uncertainty in the economic and housing markets. As 2023 gets underway, people are keen to hear the latest predictions about what might happen to the UK property market and, more importantly, how to adapt to the changing market.
Yann Murciano, CEO at Blend, shared his insight on which trends are likely to emerge this year. Here’s his take.
Green properties will come out on top
In this cost of living crisis, homeowners are looking for endless ways to reduce their energy consumption and bill. What goes hand-in-hand with lower energy costs are green solutions. With the climate crisis at breaking point, a home with eco-credentials is kind to the pocket and the planet.
Not only are buyers looking for more greener features in their homes, but developers are increasingly focusing on including green features in their schemes.
According to the Rightmove Green Homes report 2022, there are now 73% more green features in property listings compared with 2020 and improving a home from an F to a C rating could add an additional 16% to a property’s value.
Today and in the future, buyers are much more aware of how energy-efficient a home is. They are actively seeking green-certified buildings to live and work in.
Traditionally sought-after energy-efficient features such as double glazing are now being exceeded by solar panels, heating systems, cavity wall and loft insulations. Numerous housebuilders have already made good on this trend, such as Redrow introducing heat pumps as standard.
Smart buildings are on the rise
Smartphones, smart watches, smart homes. Smart technologies have taken off as devices over the last decade, and have slowly been introduced into every room of the house. Offering increased security, comfort, energy efficiency and convenience, smart technologies allow homeowners to reduce their energy bills and increase connectivity. All of which are major attractions for home buyers.
Building new homes with smart home features can attract huge appeal. Some smart technologies include smart thermostats that can be controlled via smartphone, water supply systems that can detect leaks and sensors that check rooms for occupancy. Having the option of installing smart home technologies before moving in could attract a large net of buyers.
Smaller footprints may win out
There’s a buzz around the tiny-house movement, which is a trend that advocates for downsizing living spaces. While we’re not yet sure how prominent this will be – and how much longevity it will sustain – there is an increasing trend of buyers looking for small, but smart, living spaces.
Closely linked to homebuyers’ growing concern about their home’s green credentials and energy bills, and propelled by the cost-of-living crisis as well as the millennial desire for freedom of movement, Murciano expects the tiny-house movement has legs to carry it through 2023 and beyond.
How housebuilders can adapt
While homebuyers may be more cautious in this market, it’s all the more reason to ensure that you’re building homes to suit their current – and future – needs. The trend for green, eco-friendly and energy-efficient homes is set to continue. Minor adaptations can be made, such as offering more or higher spec smart home technologies and energy-efficient feature add-ons. Intelligent living spaces remain highly desirable.
What’s more, even if you already offer these components, ensure your marketing and sales communications to convey this successfully. Are you marketing to the try pool of eco-friendly buyers? Could your sales team do with a refresh of the latest features you offer? Stay on top of the trends – even if you’re already doing them.
Another great way to get ahead of the competition is to skip the chase and speak directly to interested buyers. With our solutions, such as the Budget Calculator and Home Valuation tools, you can do just that. Book a demo today and learn how we can deliver pre-qualified leads directly to your door.
