Millions of Britons are set to move home permanently, as a consequence of the pandemic, according to new research by property developer Romal Capital, a property developing company from Liverpool. The main drivers are remote working and quality of life.
The national survey of 2,000 households found that nearly a third are planning to change their living arrangements following successive lockdowns and remote-working experiences. This is a staggering increase as only between 4% to 5% of households, typically, move home in any given year. The ability to combine working from home and in the office in a hybrid working environment influenced more than a quarter of respondents to consider relocation.
“We’re seeing a paradigm shift in how this country wants to live and work,” said Romal Capital’s CEO Greg Malouf. “Hybrid working options and lifestyle changes are two key elements driving this change in behaviour. Moreover, the temporary Stamp Duty holiday and the desire to cash-in on significant property price increases in 2021 have also empowered decision making. The current UK housing market simply does not match this new reality, and with these changing demands, there needs to be a country-wide rethink on meeting housing needs.”
While still considering location, 29% said that a good standard of living will be the most important factor in deciding their future location. It seems, however, people do not want to go completely remote with almost a quarter of respondents citing road networks and connectivity as two important criteria, with areas perceived likely to increase in value (10%) and locations near hospitals (9%) closely following.