What Does the Rise in Office Working Mean for the Housing Market?
Many firms are pushing to get workers back to the office full-time. What will this mean for the property market?
Five years ago, a major shift in the property market was getting started.
Many people, forced to work from home (WFH) due to the pandemic, decided they wanted more living and garden space.
As a result, demand for larger, detached properties, often outside major cities, surged.
At the time, many thought this “race for space” was a permanent reshaping of the housing market.
But now, with many bosses declaring war on WFH, some say change is afoot.
If this is the case, what does it mean for the housing market?
The back-to-the-office push
Major firms, such as Amazon, Barclays and JP Morgan, have made headlines recently by ordering their corporate staff back to the office five days a week.
At the same time, a report by Savills states that the take-up of commercial space in the nation’s six big regional office markets is at its highest since 2019.
A more nuanced picture
However, a study by Forbes found that 13% of people still WFH exclusively, while 27% mix home and office working.
And while some firms have talked tough on returning to the office, the recruiters Hays have warned that bosses risk losing top talent if they’re too inflexible.
Hays says many workers are resisting a full return to the office, citing the cost of commuting and loss of work/life balance.
Housing priorities
Looking at homebuyers’ housing priorities, there has been a modest shift in recent years.
Research by Market Financial Solutions found that in 2019, square footage was the top priority (with 90% of respondents saying it was important or very important).
Last year, square footage ranked seventh at 72%.
But some things haven’t changed. For example, the desire for a garden or outdoor space came in at number two in 2019 and 2024.
Meanwhile, broadband connectivity, off-street parking and the quality and finish of the property have remained top ten priorities over the five-year period.
What does all this mean for sellers?
While the pandemic brought about a sudden change, trends usually evolve over time.
The important thing for sellers is to understand their properties key features and market their home in the very best light.
When it comes to targeting specific buyers, it’s best to discuss this with your estate agent.
They understand the complexities of the local market and can fine-tune your marketing campaign accordingly.
If you’re looking to put your home on the market, contact us today for a free valuation.
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