introduction
In light of Labour's unveiling of new housing plans, recent research suggests a notable shift in priorities among both developers and buyers. The trend is now leaning towards new builds in urban settings, signifying a change from the initial shift to rural areas that was prompted by the Covid-19 lockdowns.
Investment opportunities
Key Factors in New Build Property Prioritisation
With approximately 44% of workers still working from home or adopting a hybrid working model in 2023, the desire to move to the countryside has largely reversed. Many buyers are now emphasising properties located within a reasonable commuting distance from the office, with the added crucial feature of both office and outdoor space, as indicated by Shawbrook's research among developers.
Developers are hence placing high importance on these factors when embarking on new construction projects. Notably, 30% of developers identify a dedicated home-working space as the top priority for prospective property buyers. Moreover, developers believe that buyers are increasingly valuing outdoor spaces and gardens (27%), as well as properties conveniently located near their workplace (43%).
Incorporating Buyer-Preferred Elements
To align with buyer preferences, developers are also incorporating various elements within properties. These include storage options (26%), solar panels (24%), en-suite bathrooms (23%), spare bedrooms (23%), home gyms (21%), heat pumps (20%), and even granny annexes (17%).
Enticing Features for Property Buyers: Beyond the Four Walls
Beyond the properties themselves, developers are also mindful of essential elements required to entice buyers. Proximity to good schools or childcare facilities (31%) and convenient transport links (27%) come as no surprise. Interestingly, 15% of developers emphasise proximity to local pubs and puppy daycare as vital considerations. The top priorities in this regard are:
- Proximity to good schools/childcare (31%)
- Good transport links (27%)
- Access to walks and green spaces (23%)
- Community spaces (23%)
- High-end shops and supermarkets (21%)
- Gym and leisure facilities (21%)
- Nearby cafes and restaurants (20%)
- Independent shops (19%)
- Bargain shops and supermarkets (e.g., Aldi or Lidl) (17%)
- Good proximity to a local pub (15%)
- Puppy daycare (15%)
Developers are evidently aware that convenience remains a key factor for buyers. They are also not leaving the design of their developments to chance, with 43% utilising technology to stay informed about buying trends. Technologies such as AI are aiding developers in keeping tabs on evolving trends and staying ahead of the competition by predicting buyer needs.
Factors to Consider When Selecting a Buy-to-Let Investment Property
Terry Woodley, Managing Director of Development Finance at Shawbrook comments, "Developers often face the challenge of predicting buyer preferences ahead of actual construction. Recent years have shown us that our requirements for homes can change drastically. However, it's evident from our research that certain trends are here to stay. For instance, home-working remains popular, especially as many businesses incorporate hybrid working into their contracts. The predicted shift to the countryside has not endured, with most buyers still focusing on their commutes. Work-life balance remains crucial, with amenities like pubs, green spaces, and shops ranking high."
"With the advancement of technology, developers now have better tools to gauge what buyers are seeking and ensure these features are incorporated into their developments. Whether it's home gyms or puppy daycare, they want to be sure they're meeting the demand. Having a flexible funding partner that understands these challenges will be a vital piece of the puzzle as developers break ground on future projects."
Prime Buy To Let Investment Opportunity: Berkeley Square Luxury Apartments in Manchester
With this in mind, an ideal property investment would be Berkeley Square, a luxury waterfront development with prime location between Manchester city center and MediaCityUK with excellent transportation links with tram connectivity via the nearby Exchange Quay stop, ensuring easy access to key areas within minutes
It offers one to more spacious three-bedroom apartments for those working from home. Berkeley Square boasts hotel-grade amenities, including communal lounges, co-working spaces, a high-specification gym, as well as rooftop and courtyard gardens for much demanded outdoor space.
conclusion
To find out more about our Berkely Square development, speak with one of our property experts today.
