The current crisis has had an impact all over the world. Unemployment levels have risen and many businesses have struggled. Therefore it is no great surprise that the real estate market has also been affected. However, we are beginning to see an interesting development with lockdown changing people’s attitudes to where they are working and living.
As people are only having to travel to the office a small number of times, if at all, the long commute that people despised beforehand is becoming somewhat insignificant. Therefore, as businesses are adopting a mixed work environment, which could be a lasting effect of the pandemic, we expect to begin to see a rise in people looking for homes outside of towns and city centres. As a result, without having to factor in travel time, the idea of being able to afford a larger house further away from the office has become much more appealing now than a shoe box in the city centre for the same price.