Location, location, no longer

Changes to how homeowners view their properties can open up new opportunities for home improvement companies, a new study suggests.

An office and a garden have overtaken proximity to a railway station, shops and restaurants when it comes to choosing a new home, according to research commissioned by Wayhome.

Censuswide surveyed 2,175 renters and homeowners and found people’s priorities had changed with space and closeness to parks becoming the most enticing qualities of a property.

Wayhome chief executive Nigel Purves said: “When you’re narrowing down your search for the perfect home to rent or buy, most of us will have a wish-list, usually split into the ‘essentials’ and ‘nice-to-haves’.

“Our report makes it clear just how far these wish-lists have changed as the pandemic rolled on. In most cases, we’ve seen a complete reversal, with potential renters and homeowners prioritising the things that would make living and working in that space the most comfortable and fit for purpose.”

More than a quarter of respondents said enough room for a proper office was critical, with this rising to 30% for parents and 22% for those without children.

Nearly a third of all homeowners and renters wanted more space in general with a quarter saying a bigger bedroom was necessary.

More than a third said access to a private garden had become increasingly important with over half of those aged 55 rating this as critical. Younger house hunters were less bothered with 35% of 24 to 42-year-olds and 43% of 43 to 54-year-olds citing a garden as essential. Just over a fifth felt living near a public garden or green space was important.

A quarter of women rated being close to friends and family as important compared with 17% of male respondents.

Only 14% said it was key for a property to be close to public transport with 17% citing an easy commute as vital. Proximity to shops and restaurants was important for 17% of those surveyed.

Brokers Hank Zarihs Associates said development and property refurbishment finance lenders were keen to back projects with generous living space given that some element of remote working was likely to continue post the pandemic.