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Properties Articles

How Will Future Working From Home Reshape The Property Market?

The pandemic has reshaped how we view the day as remote working has become the norm. Employers are looking for ways to ease returning to the office for their staff.

Even as restrictions relax, the national average dictates 34% of people continue working solely from home, while another 22% find themselves partially at home. Within these statistics, Londoners are more likely to be needing a home office, as 56% are looking to be remote working long term.

It has been predicted that this new form of employment will reshape the property market, changing tenants and buyers requirements. The importance of a home office has dramatically increased from 12% to 21%, says Ian Mckenzie (CEO of The Guild Of Property Professionals). Londoners previously based their residence location on commute time, which may no longer be a large concern. Many may feel living further from their workplace would benefit them financially and offer more space for their money. This could equalise property prices throughout the UK as people begin to move out of the city, favouring rural locations to suburban.

For businesses, remote working can lower overhead costs and allow for worldwide recruitment. By lowering costs, employers may be able to provide more competitive salaries. Many forms of employment had already offered remote working due to the normalisation of high speed internet access. Statistics found that these businesses, put policies in place for working from home, which in turn made for more productive employees.

Despite residents relocating further out of the city, it is believed London will retain its ownership on the epicentre of business. Although, this may affect landlords and vendors as asking prices may have to be lowered.