As the festive season approaches, a recent survey conducted by #Dataloft Poll of Subscribers in November 2023, in collaboration with Rightmove, unveils interesting insights into the preferences of prospective homebuyers during the Christmas season. The findings suggest that a significant 61% of respondents are saying "Ho-Ho-No!" to refurbishments or fixer-uppers, expressing a strong desire to move into their new homes hassle-free as they countdown to Christmas.
Fixer-Uppers: A Merry 8% Cheaper:
Surprisingly, over a quarter of survey participants revealed that homes in need of refurbishment are the most sought after. These properties come with an attractive bonus – they are, on average, 8% cheaper than the typical properties available for sale in the market. This budget-friendly option has sparked interest among a considerable portion of the homebuying population, providing an opportunity to save money while investing in a property that holds potential.
Newly-Refurbished Homes: A Frosty Premium of 19%:
On the flip side, the survey also shed light on a different trend among homebuyers. Approximately 39% of respondents expressed a preference for newly-refurbished homes. However, this choice comes at a frosty premium, with buyers willing to pay an average of 19% more for the convenience of moving into a property that requires little to no additional work. This premium translates to nearly £70,000, showcasing the value placed on a turnkey solution.
The Christmas Rush and Housing Market Dynamics:
The survey results reflect the unique dynamics of the housing market during the holiday season. The Christmas rush seems to influence buyer preferences, with a substantial portion opting for the ease and convenience of a ready-to-move-in property. The desire to avoid the stress of refurbishments and settle into a new home in time for the festive season appears to be a driving factor.
Implications for Sellers and Market Trends:
For sellers, understanding these preferences can be crucial in positioning their properties effectively in the market. Highlighting the benefits of a hassle-free move-in or the potential for customization in fixer-uppers could be key marketing strategies.
Moreover, these findings indicate a diverse landscape in the housing market, where different segments of buyers have distinct preferences. Property professionals and developers may need to adapt their strategies to cater to these varied demands, ensuring a well-balanced inventory that appeals to a wide range of potential buyers.
As we navigate the Christmas season, the housing market experiences a fascinating interplay between the desire for a hassle-free move-in and the attraction of more affordable fixer-upper options. The data from the #Dataloft Poll of Subscribers, in collaboration with Rightmove, provides valuable insights into the complex decision-making processes of homebuyers during this festive time, shedding light on the nuanced dynamics of the property market.