Property that will help keep balanced lifestyles
Will the pandemic urge people to maintain a more balanced lifestyle?
Property investment opportunities after Coronavirus
As we learn to adapt to lockdown conditions, will we continue with the lifestyle long after it has been lifted and what UK investment opportunites will be the most popular?
Since social distancing measures have been put in place, people have learnt to adapt their everyday routine. For example, instead of going to the gym people are now exercising at home and making use of livestream classes on Instagram and YouTube. Working from home has become commonplace for many, as has ordering goods online because many shops are either closed or lack stock.
Another lifestyle habit that has changed is of course, going out to socialise. Before, it was a given that when you met up with friends, you would go to a restaurant, café or pub. Or if you wanted to do something a bit more educational, you may visit at art gallery or museum. Now with these places closed and gatherings restricted, people are having to make their own entertainment. Whether that be a Zoom catch up with family, reading a book in the garden or testing out a new recipe, people are adopting a slower pace of life within the confines of their home.
It’s likely that these new lifestyle habits will continue long after lockdown has been lifted. We talked about how working from home may become the new norm as a result of the pandemic, and the possible effects that will have on the property market. There have been numerous studies released on the positive effect working from home has had on pollution levels and work/life balance. We think that fewer cars on the road and a flexibility to work from any location will be embraced, not just from a personal perspective but also from a business perspective. The benefit to business is that they will have the freedom to hire staff from any geographical location, ensuring they get the best fit.
What properties will people choose after lockdown?
If it slowly becomes the norm that people work from home and spend more time indoors, they will need to become more mindful of their surroundings. We think people will make a concerted effort to look after their mental wellbeing at home and separate workspaces from living spaces, have room for exercise and to enjoy the outdoors (whether that be from a garden, a balcony or a rooftop terrace).
Properties such as these below market apartments in Salford are ideal as there is an onsite workspace as well as yoga studios and a cinema room. Professionals who will continue to spend a large proportion of their day working from home can enjoy the workspaces and wind down in the evening with a yoga class before catching a film. The development is also conveniently close to Manchester's Spinningfields and Deansgate areas, meaning that residents can easily go to the office if they are needed. Apartments start from £227,359 and completion is expected in Q4 2022.
Why invest in property in Manchester?
If you are considering UK property investments, we suggest looking outside of London to more affordable cities young professionals may choose if they are afforded more flexibility in their working lives.
People are moving out of London in their thousands every year and Manchester is one of the top places they relocate to. In 2019 it claimed top spot for the UK in The Economist’s ‘Global Livability Index’ based on its environment, healthcare, education and infrastructure. It is more affordable than London and since undergoing regeneration, offers plenty of things to do that rival London’s offering. People can visit an art gallery in the Northern Quarter in the afternoon, before going to a gig at the Night and Day café, and if it’s a good music scene they’re after, there really isn’t a better place in the UK. The attraction of Manchester as a place to live is clearly reflected in its property prices which are growing the fastest of any UK city at 8.8%, according to Hometrack.
We also have buy to let opportunities in other locations across the UK. If you think people will still want to live within easy reach of London, why not consider investing in the best London commuter towns?
One such opportunity lies in Chatham, a Medway town in Kent. Investors can make use of the stamp duty holiday now as it is fully complete. One bedroom apartments start from £220,000 and residents can access London quickly should they need to for the odd day in the office within 36 minutes. Chatham is an ideal location for those wanting to live in a tranquil riverside location whilst still needing to get to London easily. Prices in the town have increased by 54% in the last five years, and we still think there is scope for more growth. Read more about this residential investment in Chatham and how you can save on stamp duty today.
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