Property priorities changing as more professionals working from home
With the rise in people working from home, more homebuyers and tenants are expected to prioritise high-speed internet and space for a home office. As professionals are being told to stay away from the office and work from home due to the coronavirus outbreak, working from home is likely to become even more common moving forward. Numerous businesses are putting measures in place and investing in digital tools. This will mean more employees than ever will soon have the ability to work from home. The numbers behind remote working The Office of National Statistics predicted by 2020 that 50% of employees in the UK will be working remotely.
On top of that, up to 90% of employees said they’d like to work from home at least some of the time. Currently, three quarters of Britain’s workforce frequently alternate between going into a main office and working from home, according to data for This is Money by Lloyds Bank. The IWG Global Workplace Survey in 2019 also found 61% of global companies allow staff to have some form of a remote working policy. With a rise in people working flexibly, this could change what tenants and homeowners prioritise in properties.
More people, especially young professionals, will look for space dedicated to office work. They will also want higher-speed internet to be available in their home. High-speed internet Digital connectivity at home is becoming essential to modern life. Fast and reliable internet is now a top priority and vital amenity for the majority of tenants and buyers. In the 2020 Budget, Chancellor Rishi Sunak announced £5bn of investment to be put towards connectivity. This will involve putting full-fibre and gigabit capable networks into every home and business during the next five years.
Additionally, the government has agreed a £1bn deal with the mobile phone industry to boost network coverage in “not spots”. These measures will provide people with better access to high-spend internet. Ultimately, it will be easier than ever for people to work from their own homes. Home office and co-working spaces With an increase in home-working, space for a home office is now a key consideration for house hunters. In Lloyds research, the bank surveyed over 3,000 adults in the UK workface, and two out of five workers said suitable space to work from home is important when searching for a new property.
This increases to nearly three quarters to include people who already work from home on a regular basis. A dedicated home office is the most popular place for people to work from at home; nearly a third use this type of space. Even 72% of regular home workers stated they customised their space to work from at home. This demonstrates that many are willing to invest and pay extra to improve their home working environment. A home office can add value as more people look for this in a property, whether they’re renting or buying.
And some build-to-rent developments even have co-working spaces to help meet the needs of a growing number of people working flexibly. As additional UK employers offer options for professionals to work from home, landlords and investors who provide office space and high-speed internet in their properties could see higher returns and less void periods. Choosing the right property and knowing what tenants and homebuyers prioritise can help you earn more from your investment. Browse a limited selection of our property investment opportunities, and sign up for free to get full access and advice.