The reality of looming economic turmoil and the aftermath of having lived through a global pandemic is pretty daunting. So why not look at some pretty rentals instead?
Owning a house has never been harder, it seems. By some cruel irony, millennials and Gen Zs have been trapped in their squashed urban apartments, or even cramped childhood bedrooms, reflecting on the dreamy interiors of Instagram modelled homes.
Under current circumstances, young adults are lucky to have a job, let alone own a home. Property prices in 2020 would need to fall by 37% on average to make home ownership affordable for a single person on an average income, according the Affordability Index by Open Property Group.
Apparently the closest we young adults can get to having the dream home is drooling over Instagram dream interiors and renovation videos.
To reminisce over the idea of under 40s having disposable income, let alone being legally allowed to go on holiday, these rental properties are almost taunting.
It would seem in the post-Covid world, prospective buyers will value different criteria when choosing their homes. Whereas inner city apartments would be typically favoured by professionals, and bigger houses with extensions with close proximity to local amenities, the pandemic has awakened us to the virtues of the garden.
Particularly as we are awakened to the critical state of climate change and the need to decarbonise our lifestyle, it is becoming increasingly important to embrace the great outdoors.
Therefore, suburban new estates built with smaller gardens more increased houses may be less valued over older properties with larger outdoor space.
Indeed, lockdown has awakened the need to live somewhere with a good area to perform our daily mandated constitutional. Living in the countryside may be a higher preference for homebuyers than being in close proximately to local amenities.
Research conducted by First Mortgage has found that over a quarter of homeowners regret buying their home in their current location. That is not hard to believe when seeing these almost unrealistic Instagram posts.
If mortgages seem scary, why not AirBnB at the Silence of the Lambs house?
