In 2022, the idea of home has evolved to a place where all aspects of our lives – work, socialising and play – can be comfortably incorporated under one roof.
Over the past two years there has been a shift in the way people live. Some homebuyers and renters are now searching for a better work/life balance and this has affected everything from the features we look for in a new home to the jobs we do.
Why did our views change?
For a significant number of people, working from home – which began as a temporary requirement during the pandemic – has become the new normal. These days popular job search terms include ‘flexible working’ and ‘companies with the best work life balance’.
Whilst spending more time at home in 2020 and 2021, people discovered problems with current living spaces. Not enough room … no garden … no access to local parks or the countryside.
Google has revealed that between August and October last year the number of searches for ‘home loan calculator’ increased by over 200 per cent. As discontented homeowners moved on, average prices across the UK rose by 10.2 per cent, and demand for homes remains high.
Those who didn’t want to move, or couldn’t afford to do so, focused on improving their properties. In response, well-known home improvement brands such as IKEA, Garden Trading and B&Q came up with a range of new products.
From stand-up desks to outdoor pizza ovens, these products have been designed to help homeowners and landlords make the most of their spaces. Recent research by Houzz & Home has revealed that spending on home renovation surged by 36 per cent last year.
What are the most popular home purchases and renovations?
During 2021 online searches for items such as ‘study table’ and ‘garden landscaping ideas’ increased by over 90 per cent and 100 per cent respectively. But kitchen and bathroom renovations proved to be the most popular of all home refurbishment projects.
The property owners who responded to Houzz & Home’s survey weren’t afraid to undertake major work in order to improve their homes. Two out of five renovators moved, added or reframed walls in order to increase the size of their kitchen.
Another survey, undertaken in July 2021, revealed that over half of the respondents were planning to upgrade their bathroom in the next 12 months.
Keen to make the most of available space, thousands of homeowners went online for inspiration, and searches for ‘budget small bathroom ideas’ increased by 400 per cent!
Which renovations add most value to your home?
Homeowners and investors understand that home improvements also add value to a property. A survey by insurers Royal London recently revealed that a modern kitchen can add approximately £11,000 to your home’s value, while a smart, contemporary bathroom adds around £10,900.
A loft conversion can increase value by £10,815, while an extra bedroom adds another £10,744. Items such as a new heating system, modern windows, a garage conversion, conservatory or landscaped garden can each add around £9,500 to the sale price of your home.
Garden improvements
Peoples’ attitude towards the great outdoors also changed dramatically. During lockdown we got used to socialising in outdoor spaces and escaping the confines of home to enjoy a walk in the park. This has affected the way people use their gardens, and online searches reflect the growing interest in items such as barbecues, patio heaters, outdoor projectors and movie screens.
Increasingly, homeowners are hiring professional garden designers to create different activity zones, with designated areas for dining, playing and relaxing.
Location: the key to a better lifestyle
More and more homebuyers and renters have opted to move away from big cities in order to establish a better work life balance. In 2021 alone, Londoners bought more than 112,000 homes outside the capital.
In recent years, local estate agents have experienced record levels of interest in properties for sale in St Albans. Homebuyers and renters dissatisfied with big city life are moving to St Albans for its strong community spirit, excellent schools and countryside location, all within a 20-25 minute commute of central London.
If you are looking to buy a home or invest in St Albans property, we would love to help. Browse available properties here or contact us to let us know what you are looking for.
