Remote Working has Changed Work Dynamics
With six in ten UK workers working remotely during the first national lockdown, remote working has undoubtedly left its mark – not only on our relationship with our jobs but also our homes.
Fast forward to the present, and according to independent research by FJP Investment, 23% of workers said that an increase in home-working had made them reconsider what they wanted from their property.
It’s clear that what may have started as a temporary solution to an unprecedented global crisis has not only led to a permanent shift in work dynamic but also changed how people look at property.
As we seemingly appear to be approaching some semblance of normality – knock on wood – the question of just how the property investment market will adapt to these changes remains.
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A Change in Priorities
Such a huge change in how the value of a property is determined will also naturally influence the type of property that sees the most demand.
The properties that appeal to these new sensibilities will, of course, receive more attention than those that don’t.
So, what are people looking for?
In the same study by FJP, around 27% of those surveyed said that having a dedicated office space at home is one of the most important factors to consider before moving in.
A further 44% noted that they now value space more highly than ever before – both indoor and outdoor – with a quarter specifically highlighting that they have a greater focus on the square footage of a prospective property.
As expected, to cater for these shifting priorities, many recent property developments include amenities tailor-made for remote working.
For example, both ELEMENT – The Quarter in Liverpool and Embankment Exchange in Manchester feature dedicated work-from-home booths or areas to make remote work as convenient as possible. Alongside this, for those seeking even more space, ELEMENT – The Quarter also boasts a communal garden and rooftop terrace.
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What Does This Mean for Investors?
With working-from-home, hybrid and flexible work patterns still proving to be a popular choice for many, demand for rental properties that incorporate both outdoor space and remote working facilities has grown exponentially.
For the forward-seeking investor, looking at properties such as these is almost certainly a solid opportunity to consider.
However, while the property market still appears to be going strong as we continue to emerge from the pandemic, it is important to note that some general overall uncertainty on how things will look on the other side still remains.
The one thing that’s certain is that the experiences of remote working and all the various lockdowns have shaped and changed the way people approach their lifestyles.
With many still preferring to remain out of the office and adapt their homes to fit this new normality, the properties that adapt alongside them should almost definitely be the ones to look out for.
If you’re interested in appealing to remote working renters in 2024, check out our guide to four property investment opportunities that are perfect for young professional renters in the UK.
For the latest on the UK Property Market, check out our 2024 Prediction guide.