Families and individuals alike are looking to make the most of what appears to be a longer pandemic impact that what was first hoped. Despite the news that vaccines are on the horizon, we will still be wearing masks and social distancing way into the new year and perhaps beyond. As we are forced to spend more time at home, we are redefining what home means for us and how we use it.

For many, it has become apparent that more space is needed. Whether having a more private and better area to work or study, or more area for streaming entertainment or playing games, the current trend in home buying is for property with more space indoors and out.

House prices rose the fastest in the UK in the South West of England by 6.4% in the year to the end of September, compared with the UK average increase of 4.7% according to the Office for National Statistics (ONS). The data also revealed that detached homes in the UK saw the largest annual price rises.

The pandemic has pushed a change in how we use our homes, but it has also brought about opportunity for those looking to move onto the property ladder or move home. There are low interest rates in mortgage lending and the lower cost stamp duty has made it possible to consider higher priced homes. 

Not all homeowners are moving home to find a better living space, some homeowners are choosing to upgrade and improve their current property. They, too, have found opportunity in cheap borrowing due to lower prices. By turning built up equity into cash they have the ability to make the changes desired to their home so it better suits their pandemic lifestyle.

Whether home buying or considering a remortgage, experts encourage borrowers to take advantage of the current lending market as lending has eased a bit after tightening just months previously. More products are coming onto the market and the opportunity to find a deal is possible despite the fact that the pandemic continues to impact the UK economy.