As the spring buying season approaches, optimism is blooming among home sellers in Lancashire, particularly those at the Bernets Nook development in Feniscowles. The housebuilder, Barratt Homes, is keen to highlight the versatility of its homes, especially their garages, through a recent survey conducted among its employees. Interestingly, the survey revealed that while 70% of Barratt Homes employees have a garage, a significant 38% of them do not use it for parking their vehicles.
This trend aligns with findings from The Garage Door Centre, which noted that only 40% of drivers regularly park their cars in their garages. Instead, many homeowners are repurposing these spaces for a variety of modern uses. The primary function of a garage, according to the survey, is additional storage space, while others have transformed them into home offices, bars for entertaining guests, or even gyms.
When asked about their ideal garage use, if given an unlimited budget, respondents expressed a desire for spaces such as games rooms, garden rooms, workshops, utility areas, and bars. "Garages are not always used for their traditional purpose by modern home buyers, and our survey has shown how flexible they can be," stated Alan Watt, Sales Director at Barratt Homes Manchester. He emphasized that their properties at Bernets Nook provide buyers with a range of opportunities to explore.
Located on Brokenstone Road, Bernets Nook offers a selection of four-bedroom homes, including the Hale, Hemsworth, and Ashburton styles, all featuring garages. The development boasts convenient amenities nearby and excellent commuting options, with easy access to Blackburn, Darwen, Chorley, Bolton, and Manchester, as well as regular bus services to surrounding towns. Residents are also treated to stunning countryside views and the availability of electric vehicle charging points.
In addition to the appeal of versatile garage spaces, home sellers across the country are feeling optimistic as they enter the spring market. According to a report from National Mortgage Professional, which cites data from real estate marketing platform Realtor.com, 81% of potential home sellers believe they will receive at least their asking price this year. Furthermore, 70% of those surveyed feel that now is a good time to sell.
Interestingly, approximately 79% of potential sellers are motivated by necessity, whether it be for more space or a desire to move closer to family. The confidence among sellers is reflected in the belief that 75% of homes will sell within the average time frame or even faster.
However, the current mortgage landscape presents challenges. Nearly two-thirds (61%) of respondents have been contemplating a sale for over a year, with 46% considering it for one to two years. Many homeowners feel “locked in” by their current mortgage rates; this sentiment is particularly strong among those who have been waiting to sell for over a year, with 55% expressing this concern.
Expectations around interest rates are pivotal in shaping sellers' plans. Among those who anticipate rising rates, 43% indicate that this possibility increases their likelihood of selling, while 20% feel it would deter them. Conversely, 69% of those expecting rates to fall believe it would enhance their chances of listing their homes.
As the market heats up this spring, the interplay between home seller optimism and the realities of mortgage rates will be critical in determining how many homes will be listed and at what price points. Barratt Homes is keen to capitalize on this momentum, showcasing their properties at Bernets Nook as flexible living spaces that cater to modern needs.
With deposit contributions available on selected homes up to the value of £18,200, Barratt Homes is offering potential buyers an excellent opportunity to make strides on the property ladder. The combination of attractive home features, strategic location, and buyer incentives positions Bernets Nook as a desirable option for those looking to enter the housing market.
As spring unfolds, the housing landscape in Lancashire and beyond will undoubtedly see changes driven by both seller confidence and buyer demand. The versatility of homes, particularly the innovative use of garages, may play a significant role in how buyers perceive value and functionality in their future properties.
