The rise and rise of homeworking
Before Covid-19, according to the Office for National Statistics, 5%percent of the UK workforce worked mainly from home but by April 2020, during the first lockdown period, nearly 47% of workers were doing at least some of their work remotely. During this time, both employees and employers had learned some lessons about what WFH meant for them.
Many believe that the change in working arrangements has improved their work-life balance so that now, despite the government encouraging people to return to the office, 45% want to continue working remotely post-pandemic.
To accommodate this new way of life, people have also been reconsidering their living arrangements. For those hoping for a longer-term homeworking arrangement, finding some space for a desk in a corner of the dining room isn’t enough; many have decided that it’s time for a change.
Help! I need more space
In making the change, people want to create a home better suited to remote working. Outdoor space, room for a dedicated home office and good broadband connections now top the must-have list of buyers’ demands.
The importance of having a home office has jumped from 12% before lockdown to 21% now. For 92% of homeowners and buyers, perhaps fearing confinement indoors by future lockdowns, having a garden or outdoor space was the most important factor,.
Also affecting the housing market have been the stamp duty holiday and changing property requirements which contributed to a surge in demand for property. While the increase in house prices has shown some cooling, only increasing by 7.1% year-on-year in August compared with 7.6%the month before, the market is expected to remain busy over the coming months.
Turning dreams into reality
If you are looking for a new home to support your new way of working, here are some initial steps to help you start your journey:
- Be clear about your property priorities but be flexible about how to achieve what you are looking for. This maximises the number of viewing options available to you.
- Understand your employer’s long-term position on flexible working and ensure that any adjustments you make can accommodate future changes.
- Make sure your finances are in order. Understand what you new life may cost you and the financial options available to you based on a realistic assessment of your finances.
To embrace the potential of working from home and the change in lifestyle this means, get ahead of the crowd by seeking professional advice about your mortgage options at an early stage.
The housing market may be competitive at the moment but your new life could be out there, waiting for you to grasp.
Property buying support and insurance advice from Clayton-Welch Associates
Clayton-Welch Associates is a mortgage broker specialising in offering professional, impartial support to people who need a specific type of mortgage or who have experienced difficulties with mainstream mortgage lenders in the past.
We work with a comprehensive range of providers from across the market to help clients find the right mortgage, income protection and insurance products for residential and buy-to-let properties.
Please note, your property may be repossessed if you do not keep up repayments on your mortgage.
Clayton-Welch Associates now has the expertise and experience to offer in-house advice and support to clients about their insurance needs and level of cover.
We rely on referrals for our business, so customer service is the foundation of everything we do. We are passionate about finding you the mortgage you need a tan affordable rate, and we accompany you through every step of the way to a successful application.
Find out how we can help you to make your property-owning dream a reality by contacting Clayton-Welch Associates today.