Back-to-school chaos set to stall property market activity
The traditional autumn surge in property market activity could be slow to materialise this year, as new research from House Buyer Bureau reveals that 88% of homebuyers with children expect to be less inclined to book or attend property viewings during the first few weeks of the new school term.
House Buyer Bureau surveyed UK homebuyers who are also parents to school-aged children, to understand how the return to school is likely to influence their property search, from the amount of time they can dedicate to finding a home, to attending viewings and progressing their purchase.
The research suggests that the back-to-school period could cause a notable, albeit temporary, slowdown in buyer activity.
Some 86% of parents expect to spend less time actively searching for a property as a result of school-related commitments, with just 8% expecting to dedicate the same amount of time to their search and 6% expecting to spend more.
This reduction in search activity is also expected to translate directly to the viewing stage, with 88% saying they are likely to be less inclined to book or attend property viewings during the first few weeks of term.
Back-to-school commitments squeezing homebuyers
Childcare arrangements are expected to pose the biggest obstacle, cited by 24% of homebuyers, closely followed by school drop-offs and pick-ups at 22%.
After-school clubs and activities are expected to make searching or viewing more difficult for 13%, while returning to work following the summer holidays, buying school essentials, and re-establishing family routines were each cited by 11%.
For those who do remain active, the window in which they can physically view properties is also likely to become more restricted.
Some 37% say school hours will be the easiest time to attend a viewing, while 35% favour weekends. One in five say evenings will be easiest, with just 8% opting for after school.
As a result, digital property marketing could become particularly important during the back-to-school period. Almost four in five homebuyers (79%) expect to rely more heavily on online listings, virtual tours or video viewings because attending properties in person will be more difficult.
Autumn market may take time to find its feet
The findings suggest the impact could extend beyond the opening days of the new school year.
Four in five homebuyers (80%) would consider delaying arranging a viewing on a property they are interested in because of school-related commitments.
The disruption could also affect buyers who have already found a property. An overwhelming 92% expect school-related commitments to significantly slow the progress of their purchase by making it harder to deal with calls, paperwork, surveys, mortgage appointments and other transaction-related tasks.
Most significantly, three quarters (75%) expect it to take more than a month following the start of the school term before they are able to give their property search their full attention again. Just 12% expect to be back up to speed within the first week, 8% within two to three weeks and 5% within around a month.
Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:
"September traditionally marks the point at which the property market starts to find its feet again following the summer holidays, but for parents, the return to school can leave very little time for searching for a home, attending viewings or progressing a purchase.
What really stands out is that this may not be a short-lived blip. Three quarters of parents believe it could take more than a month before they can give their property search their full attention again, potentially delaying the usual autumn uplift in activity.
The final run-up to Christmas is traditionally a busy one and we expect motivated buyers to return once the back-to-school disruption has subsided. But sellers shouldn't necessarily expect that activity to materialise immediately and, for those who need to sell quickly, a few quieter weeks can make a considerable difference."
