Will the UK property market be affected by changing commuting habits?
Corona virus has had a paramount impact on every aspect of life and as a result peoples commuting habits have adapted to the new situation we are living in.
These changes may become more permanent than initially expected.
But what does this mean for the UK property market?
Properties situated near strong transport links have historically been the most desirable places to buy. This is because a stress-free commute to your workplace is held in high regard.
But is this going to continue being as important?
The first problem we face is that the UK is undergoing a changing employment market. More employers are now looking to have employees working from home following the success of lock down. Work continued to be carried out effectively from home without the need for an office space. Employees are now more open to the idea of working from home part time having done it for months on end.
Additionally many insurance companies will encourage employers to work from home more, or to at least have strong back up plans in place.
Home offices also seem to have gained popularity since lock down began. According to Zoopla the desire for properties with an inbuilt office space have increased by 27%.
Will there be more equal demand across the country?
There are well known hot spot areas in the UK. Within these areas property prices have drastically increased due to their proximity to a wide array of transport links. These areas have also increased in price due to being in close to local amenities such as schools.
If long term commuting habits change then demand for properties in hot spot areas would surely reduce with it.
The UK property market is historically unpredictable. So, any informed guesses about what is set to happen are just that, guesses. There is no way we will be able to know if recent changes to commuting habits will change demand in hot spot areas in the long term.