Home-Working Impacts Property Prices
Mount & Minster, the award-winning East Midlands estate agents and property consultants, have published research on how home buyers new working situation is influencing their decisions when it comes to acquiring property in Lincolnshire, Nottinghamshire and Leicestershire.
56% of buyers interviewed in July 2020 confirmed their working circumstances have changed since lockdown was implemented. 34% of buyers looking to acquire a new home in the area have been told by their employer that they will continue to work solely from home for the foreseeable future. 22% will continue to work partly from home and occasionally from their office, whether it be local or, in most circumstance, in London.
This sudden change in buyer lifestyle has had a major impact on the property market and where people choose to live.
Ralph Wyrley-Birch, Senior Partner says: "A direct result of these recent changes in how and where people work has meant the importance of a home office has significantly increased. Before March, those listing a home office (or extra bedroom) as a necessity was just 12% of our applicants searching for suitable properties around Lincoln, Newark and Grantham. Now, this single requirement has increased to 63%."
Mr Wyrley-Birch continues: "Due the fact over half the population are now working from home in one way or another, whether it be full or part time, it makes absolute sense that more buyers would want to have a dedicated space to work from. More importantly, working from one's home has hugely increased the number of buyers prepared to live further away from their usual office or place of work. The East Midlands, with its proximity to the A1, A46, A52 and A17, as well as the main line to London, has never been so popular with new buyers."
The new research confirms that before lockdown people were willing to live an average of 21 miles away from their workplace. With the country now relaxing the restrictions and more people returning to work, active buyers in the local area are now willing to live nearly 60 miles away from their company’s office, or a maximum of 1 hour 45 minutes travel time.
Mr Wyrley-Birch explains: "We anticipate that this huge shift of working from home will reduce of the historical North/South divide and push prices up to those comparable to areas closer to London, although we don't expect this for a year or two once the country recovers from the recession."