The latest must-have property feature – a home office
Demand for properties with a home office has increased across London since the start of lockdown, according to estate agent, Benham and Reeves.
The firm looked at the proportion of homes with an office that were already under offer or sold subject to contract as a percentage of all properties listed.
It found that more than a quarter, 27%, of all stock listed with a home office has now been snapped up by London homebuyers, a huge increase on the 8% demand seen in March.
Demand is far higher in London’s peripheral boroughs, with homebuyers looking to avoid a commute into the city with their own home office.
Bexley saw the highest demand for this property feature with 53% of properties with a home office already sold subject to contract or under offer. Hillingdon, Bromley, Croydon, Redbridge, Ealing, Havering, Waltham Forest, Haringey and Richmond also placed in the top 10 for home office, homebuyer demand.
Director of Benham and Reeves, Marc von Grundherr, said: “Demand for home office space has understandably boomed since we entered lockdown but with many of us reluctant to return to the office, this trend could become a more permanent fixture within the housing market.
“The good news is they can be fairly affordable to get off the ground and even adding one in the form of an extension is likely to make a good investment. Not only will it add value in the current work from home climate, but if you’re smart and make it a versatile space, it can easily double up as an additional bedroom or otherwise for those who aren’t interested in a home office.
“It’s these additional features that can help your property stand out from the crowd and with the market exploding back into life in recent weeks, this could be a great help when securing a buyer.”