How remote work transformed the property market in 2 years
The real estate market has changed dramatically since the pandemic hit, chiefly driven by the wide implementation of remote work.
The recent market data analysis confirms the evident rise of remote and flexible work over the last two years. The property market, in particular, saw rapid changes in the buying patterns of people as their work and life priorities shifted dramatically.
Pandemic-led boost to the remote work
The recent market data reveals 60% of British workers did remote work during the first lockdown. It highlights the scale of the changes in people's life, including the property priorities.
But what started as a temporary answer to the unexpected global pandemic has shifted towards new work dynamics, with businesses leaning towards flexible and remote work patterns. A case in point is another market study, suggesting 40% of the workers in Britain never intend to switch back to the office.
As we gradually return to the new normal, we can look back and reflect on how remote work has impacted the market and the benefits it brought to the people and businesses. Another question is how does the property market adapt to the changes.
Changing buyers priorities
Such critical changes affect what buyers want from their new homes. Thus, identifying the emerging demand trends is vital for success in the current property market.
The recent data by FJP Investment confirms changing property priorities of people, with homeowners across the country reconsidering what they want from their homes over the past two years.
Around 23% of homeowners confirm that remote work has impacted their priorities for future home purchase, including 44% of the youngest respondents. Furthermore, 27% state that having a dedicated space for a home office became more important to them.
And the race for space likewise continues: 44% of respondents think of access to a private garden or outdoor space as more significant now. The square footage has also seen an increase in importance for 26% of the surveyed.
It is evident how flexible and remote work has shifted priories of property buyers, especially the younger generations. Looking ahead, we might see more innovative solutions from real estate developers and PropTech services keeping up with the rapidly changing trends accelerated by the pandemic.
Innovation and renovation
Investors and developers quickly identified the emerging trends, with numerous recent renovation initiatives of derelict properties across the UK. The market data reveals 280,000 empty houses in the country, reflecting opportunities for savvy investors.
The changing location preferences likewise reflect new opportunities. The latest data by FJP Investment suggests 17% of homeowners want to move to a different area in the UK.
In turn, work-from-home will eventually impact the trends for commercial properties. Developers may transform the unused office buildings into new residential developments fitted to the evolving needs of current buyers.
As the most challenging days of the pandemic seem to have gone, property investors need to utilise the emerged opportunities and anticipate the new trends in the property market. The role of the real estate professionals here is critical: we need to shape the market to suit the evolving needs of remote workers, people with new lifestyles, and new generations of young buyers.