Home working is driving development decisions, as hybrid patterns remain popular among businesses and employees alike, research from Shawbrook has revealed.
More than two-fifths (44%) of workers were found to home or hybrid work in 2023, but the Covid-19 trend of moving to the countryside largely reversed, leading buyers to prioritise properties within a commutable distance to the office, and with both office and outside space.
Property developers were therefore prioritising these aspects, with 30% saying that a home working space was the most important element buyers were looking for in a new property.
In addition, developers believed that buyers favoured outside space and gardens (27%), and developments with good proximity to their workplace (43%).
Other elements that developers prioritised included storage (26%), solar panels (24%), en-suite bathrooms (23%) and spare bedrooms (23%).
Other factors included proximity to good schools (31%) and good transport links (27%), while 15% of developers believed that proximity to the local pub and puppy daycare were key.
The top priorities included proximity to good schools and childcare facilities (31%), good transport links (27%) and access to walks and green space (23%).
Terry Woodley, managing director of development finance at Shawbrook, said: “Developers often have a challenging job predicting what buyers will want, ahead of the eventual build.
“As we’ve seen in recent years, our requirements for homes can change dramatically. However, it’s clear from our research that some trends are here to stay.
“Homeworking, for example, remains popular as many businesses put hybrid-working into their contracts.
“The much-prophesied move to the countryside, on the other hand, has not lasted, with the majority of buyers still thought to be prioritising their commute.
“Work life balance is key however, with close amenities like pubs, green space and shops ranking highly.”
Woodley added: “With the growth of technology, developers have better tools to assess what buyers are looking for and ensure these aspects are included within their developments.
“Whether it’s home gyms or puppy daycare, they will want to ensure they are responding to demand.
“Having a flexible funding partner that understands these challenges will be an important piece of the puzzle as developers put spades in the ground for future projects.”
