The vaccine race and residential property

The race for a vaccine has trained the world’s focus on the development of treatments, and health and well being more broadly.

These factors are likely to become a greater focus for homebuyers as a result of the pandemic.

This week the Phase 3 trial of the Oxford University vaccine, hailed as one of the most promising, was paused due to illness of a participant. Whilst this is normal in vaccine development, hopes of approval before the end of 2020 have dipped.

It’s worth remembering, the UK-developed vaccine is just one of eight globally in Phase 3 or combined 2/3 of development, the final stage before approval, according to Gavi. There are now 35 at the clinical trial stage.

The race for the vaccine has trained the world’s focus on the development of treatments, and health and wellbeing more broadly. Our research for the Wealth Report indicates that, before the onset of the crisis, these factors were increasingly influencing the property purchases of ultra-high-net-worth individuals (UHNWIs).

The report, published in early March, found that 80% of UHNWIs dedicating more time and money to personal wellbeing. UBS reported in July that 88% of investors said that staying healthy was their top priority.

This focus is impacting residential purchases and preferences. Our research indicates half of UHNW buyers are putting greater importance on access to greenspace, availability of local wellness and how a property’s design contributes to physical and mental wellbeing.

Our Global Buyer Survey of over 700 individuals found that improved access to quality healthcare ranked as the second highest reason to purchase a new home, behind upgrading family residence as the oft most cited reason.

With the prominence on healthcare and wellbeing only set to rise, countries with healthcare systems faring well during the pandemic could be more appealing to home seekers interested in relocating.

Main photo by Jenny Hill on Unsplash