Even as we move further away from the height of the Covid-19 pandemic, its influence remains. According to recent research by Shawbrook, a significant portion of the working population – 44% to be precise – have now embraced home or hybrid working in 2023. While this might evoke images of a massive exodus to the countryside, the reality is somewhat different.
Surprisingly, the lure of the countryside has lost its earlier appeal. Instead, many buyers are now seeking properties that strike a balance: a location close enough for a manageable commute to the office but also offering ample office and outdoor space. As per Shawbrook’s insights from developers, this balance is crucial for a vast number of buyers today.
What Are Property Developers Focusing On?
Understanding buyer demand is essential for developers as they lay the groundwork for new projects. Here are the key property features that developers believe are in high demand:
- Home-working space: A significant 30% of developers view this as the most crucial feature for prospective buyers.
- Outdoor offerings: With 27% of developers prioritising gardens and outdoor spaces, it’s clear that post-pandemic, people still value their connection with nature.
- Proximity to work: Nearly half (43%) of the developers believe that buyers prefer properties closer to their workplaces.
Apart from these, there’s also a list of additional features gaining traction:
- Storage solutions (26%)
- Solar panels (24%)
- En-suite bathrooms and spare bedrooms (23% each)
- Home gyms (21%)
- Heat pumps (20%)
- Granny annexes (17%)
Beyond the Four Walls: What Else Matters?
When it comes to attracting buyers, it’s not just about the property itself. Developers are increasingly considering the broader environment and amenities surrounding their projects. Here’s what’s topping the list:
- Education and Childcare: A significant 31% of developers emphasize the importance of proximity to good schools and childcare facilities.
- Transport: 27% view good transport links as a priority.
- Lifestyle Amenities: Access to walks, green spaces, community areas, high-end shops, gyms, nearby cafes, independent stores, and even proximity to local pubs and puppy daycares have become increasingly important for today’s buyers.
Leveraging Technology in Property Development
Developers are well aware that in this age of information, simply relying on intuition won’t suffice. A considerable 43% are turning to technology, including AI, to gain insights into buying trends. These digital tools help developers stay a step ahead by predicting what potential buyers might be looking for in the near future.
A Word from the Experts
Terry Woodley, the managing director of development finance at Shawbrook, offered some insights into this evolving landscape:
“Developers often have a challenging job predicting what buyers will want, ahead of the eventual build. Our requirements for homes can change dramatically. However, some trends are here to stay. Home-working remains popular as many businesses integrate hybrid-working into their contracts. The anticipated mass-move to the countryside hasn’t panned out, with many prioritising commutes. But work-life balance is still paramount, with amenities like pubs, green spaces, and shops ranking highly. As technology progresses, developers have better tools to gauge buyer interests. Whether it’s home gyms or puppy daycares, developers aim to meet these demands. A flexible funding partner that grasps these challenges will be vital as developers embark on future projects.”