Buyers want more office & outside space since lockdown

As a result of having to live through two national lockdowns, more and more buyers and renters are looking for properties with a dedicated extra room for home working, together with outside space

Before the COVID-19 national lockdowns that have taken place during the course of 2020, a state-of-the-art kitchen and bathroom, together with an attractive exterior were considered key factors in how quickly a property would sell. However, potential buyers have re-evaluated their needs whilst living and working through lockdown and decided that extra space is more important than ever now. Either inside, outside or ideally both.

The industry has seen a demand for more properties that have enough room for office space, to enable people to work from home when required and also somewhere with a garden or balcony. Being in close proximity to parks is now also a major consideration.

Londoners who are either looking to buy or rent are now seeking houses/flats with either two or three bedrooms according to Rightmove. And over 50% of those surveyed confirmed that the lockdowns had influenced their revised priorities when searching for their next home.

Across the industry, a surge in demand is being reported for an extra room that can be used as an 'office space' for working from home, followed by a garden or outside space (balcony/roof terrace) and close proximity to cycle routes or a park. A recent report from the Royal Institution of Chartered Surveryors (Rics) confirmed the change in what are now altered priorities.

Based on speaking to buyers, more than 4/5ths of the property professionals surveyed across the UK (81%) believe there will be an increased demand for homes with balconies, gardens or terraces.

Almost 74% (nearly three quarters) have predicted an increase in demand for homes nearer to parks, outside green spaces and almost 68% believe that properties with less communal areas and more private space, will be more desirable as a direct result of living through the COVID-19 lockdowns.

There is also the belief that buyers will ultimately be less likely to see the appeal of living in tower blocks and very built up urban areas.

The desirability of having a home near major transport hubs such as train/tube stations and bus stops is considered unlikely to change.

Rics Chief Economist - Simon Rubinsohn, said: “There are already signs that those looking to buy a house are responding to the conditions created by the pandemic by seeking out properties with gardens or balconies and nearer green space.

“These and other similar features are likely to increasingly command a premium over higher-density urban locations, according to respondents to the survey.”