Source: Butterfield Group Jersey
2 December 2021
Butterfield commissioned some research to understand Islanders' views on the local property market. The research found that a 1/3 of Channel Island respondents had changed their property preferences due to the impact of COVID-19. Of course space has always been a key motivation for wanting to move home, however the pandemic has changed our relationship with space. Lockdown, for most, demonstrated the value of private or shared outdoor areas: green space to relax or exercise in has shot up the agenda.
At the beginning of the pandemic, many involved in the property market feared that the economic uncertainty would slow the market right down as people would be nervous to a financial commitment. Instead the opposite occurred and ever since May 2020, the Channel Islands' property markets have been incredibly busy.
The research also found that respondents to the survey have new found preferences for dedicated spaces, to work or study or for children to play in. Shifting working patterns look to be one of the key legacies of the pandemic; a YouGov poll conducted for the BBC showed that 70% of people predicted that workers would "never return to offices at the same rate", a figure which goes some way to explaining the increased popularity of space for a home office.