In the past year, most of us have been impacted as a result of the Covid-19 pandemic, whether it be our daily routine, our situation at work, or our priorities for a home. The impact of several lockdowns in the UK and remote working has given us the opportunity to reflect, highlighting important features of a home in the current climate.
Following the latest home moving trends, we have identified the key property features a tenant will be looking for in 2021:
With recent school closures and the number of people working from home rising long-term, broadband speed is becoming increasingly important. In fact, 46 per cent of those searching for a new home with Fine & Country deemed broadband speed to be more important now than before the pandemic.
Landlords should keep in mind that offering a property with greater broadband speed will increase its desirability and is a great selling-point, whilst homes with average or slow broadband are likely to suffer.
Remote working appears to be a trend that is here to stay. In fact, since last year, a dedicated space to work from home has increased in importance for 40 per cent of F&C customers. Currently, the second most important property feature is having a dedicated workspace. While not all professions can facilitate full-time home working, there is an increase in remote working, even if it is only part-time.
While the effects of Covid-19 are a current issue, and the introduction of a vaccine suggests an ending to further lockdowns, some consumer sentiments appear to have changed for the longer term. Although tenants benefit from finding tenancy agreements for shorter-term location and lifestyle preferences, many are likely craving stability and long-term accommodation more so now than ever before.
Although many professionals will continue their usual commute to work, it is evident that some homeowners are planning to continue to work from home after lockdowns and restrictions of Covid-19 have been lifted. In fact, 25 per cent of people reported that the commute to work from their next home is less important than it was pre-lockdown.
Furthermore, evidence suggests that home movers will be willing to compromise on a longer commute to work in return for more desirable property features and prices, especially if they have the option to work remotely. Properties in less commutable areas are becoming more desirable, especially in cases where the rent is more affordable, where the property offers greater space or faster broadband speed.
Landlords can take advantage of this emerging trend. With workers less concerned about commuter links and their vicinity to the workplace, there is greater opportunity for properties that better suit the home-worker. However, it should be noted that while it is less important for a quarter of workers, most remote workers will still require to commute to work regularly.
Being restricted to only having an hour of exercise per day, a limit of six people in your garden and being stuck in your house for most of the day will make you think harder about your ideal property. Particularly during summer, when there was nice weather, people in the UK realised the importance of having your own outdoor space. Fine & Country customers reported a garden to be 39 per cent more important following lockdowns, while 60 per cent said having a garden now is just as important as it was pre-lockdown.
Interestingly, a balcony does not quite make the cut. Only eight per cent of Fine & Country customers thought a balcony was more important after the lockdowns, and 22 per cent reported that balconies are less important than they were before the pandemic.
Investing in a property that has a garden will only maintain or will more likely increase the desirability of your property let.
Looking to let your property or find a new property investment? Fine & Country Lettings have the industry experience and knowledge to make the most of your property investment and offer a range of services to give you advice or manage this for you. Get in touch with your local Fine & Country agent to find out more today.
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