HOW WILL THE COVID-19 AFFECT THE HOUSING INDUSTRY?

The meaning of saying “There is no place like home” has changed drastically after the world is hit by the pandemic. The COVID-19 has the potential to have a great effect on property markets around the globe than just change the way we might feel about our homes.

Many people are going to be cautious about making the decision about purchasing a house because of the huge unemployment, salary cuts, and business failures.

THE LARGEST DECLINE IN HOUSE PRICE INDEX

According to a report the UK has faced the largest decline in the nationwide house price index for 11 years i.e  1.7% in May from the previous month. In the US, there has been a temporary prohibition on evictions, normally for  60 to 90 days but the house prices are still rising.

This means that the landlords and banks will face the consequences which aren’t to say that there won’t be more issues for them especially since the US unemployment rate remains very high due to the lockdown.

HOUSING AFFORDABILITY

The significant job losses in March due to COVID-19 has greatly affected the housing affordability in the first quarter of 2020.

“The pandemic has clearly hurt housing affordability by worsening existing supply chain problems and slowing house construction during a time of underbuilding,” said NAHB Chairman Dean Mon.

AVOID COMMUTE AND OFFICE…WORK FROM HOME!

Since the lockdown, most of us are forced to work from home which has suddenly made us realize that we can work from home and avoid the commute and the office which is also having an effect on the market.

 There has been a great rise in the number of people searching for houses away from main areas with space for home offices. This change may not be the permanent one but coronavirus is surely making people think about how and where they work and live!

HOW MUCH THE STRUCTURES OF HOUSES ARE BEING CHANGED BY COVID-19?

Architects around the globe have described how the structure of houses are being changed and what does the word home means in the new world due to COVID-19. As the countries around the world have ordered their citizens to retreat to their homes, the rooms where we once spent only a few hours are now full of our existence 24/7 and this may have long term effects.

People will have to find ways to merge their work and personal life and they are going to have to learn the importance of storing their belongings. People will try and make spaces more functional in their purposes. Unused spaces will be used in varying ways from spare rooms being transformed into temporary offices to living rooms becoming spaces for physical activity.

A consequence of COVID-19 is the acceptance of work from home and telecommuting, but how do the places we live in also allow for separate use of work? How do smaller houses perform multiple duties, but still provide a separation between work and home lives?

It seems like we need a whole new set of lenses through which we can change the design of our houses.

At the core of the subject, we are seeing people appreciating simpler lifestyles in their work and personal  lives as well due to the great pandemic

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