How The COVID-19 Pandemic Has Affected The Luxury Housing Market

The COVID-19 pandemic has had a significant effect on all areas of the housing market, and the luxury market is no exception. The results of the pandemic have been felt in housing markets around the world, and the demands of the markets have changed quickly as people get used to a different way of living and working.

With more people than ever working from home, the demand for luxury homes with plenty of office space has skyrocketed.

In addition to this, people are spending more time than ever eating, drinking and socialising from home, leading to a rise in the demand for luxury homes with significant lounging, cooking and workout areas.

Many people are looking to find luxury properties that would previously have been considered holiday homes. This is because for many there is no need to live in cities close to offices – for many an office has become anywhere there is WiFi.

Everyone is feeling the effects of the changes in income that the pandemic has brought. More people than ever are choosing to use innovative or tailored techniques to buy and sell properties.

One method that has grown in popularity with high net worth individuals is bridging finance – where you take out a loan to remove the necessity of a property chain when moving from one high value property to another. This is perfect for anyone looking to find a new home with more room for the demands of working from home, without having first to find a buyer for a current property.

With the pandemic comes an even greater need to use the services of professionals when moving home. It is never more critical to ensure that you trust your financial needs to a reputable, professional company. Enness Global Mortgages are experts in high value property financing. They will provide the peace of mind necessary to ensure that you get the best deal on any mortgage or bridging finance.

The shift to sustainable living in luxury homes was beginning even before the pandemic hit. The pandemic has only accelerated this move into sustainable living across all areas of society.

Environmentalism isn’t just a trend – it is here to stay. The COVID-19 pandemic has provided us with a unique opportunity to make significant changes to our lifestyles that will benefit the planet for years to come. From reduced commuting time for people working from home to an interest in making homes eco-friendly, there have been many positives to come out of the pandemic in terms of managing climate change.

This is truer still when it comes to luxury homes. People are shunning the old ways of living in favour of homes that are sustainable, eco-friendly and energy efficient. There are grants available to encourage the upgrading of homes to meet green requirements. The range for upgrading your home with luxury eco-friendly additions has never been more popular amongst homeowners and prospective buyers alike.