We've covered the commute...
But how does being within a short distance of a school effect property prices? Find out more here
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Weary eyed fellow travellers, flasks filled with coffee as far as the eye can see, and all too often, instances of road rage – the daily commute is the working life necessity everyone loves to hate. “Location, location, location” have always been heralded as the most important three words in property. However, over the past decade, the way that the UK commutes has been changing, and (as everything does!) this is influencing the property market.
How is it changing? For starters, we’re commuting much less. In 2001 workers were making an average of 7.1 journeys per week. In 2011, this had dropped to 5.7. The rise of the internet has meant that employers now have a more flexible approach to home working, and less importance is placed on being in the office every day. There has also been a big rise in self-employed and part-time work.
Due to less importance being placed on being in the office every day, homes a little further off the beaten track are now becoming increasingly attractive, largely down to the fact that homes outside city centres are generally more spacious and offer better value for money. The long-time struggle between space and location which buyers have always faced is now a little easier to resolve – and space seems to be winning out over location.
However, this does not mean to say that transportation links are no longer a crucial factor that buyers look for. According to RESI data, around 61% of commuters drive a car to work.
Considering the popularity of car commutes compared to public transport, it is clear that homes with parking, located a reasonable distance from good roads, will remain a firm favourite for buyers.
Aside from the predictable “houses with private parking will always be popular” conclusion, another interesting observation is that train travel has increased by 1% over the last decade, while car commuting remained level. This means properties located close to train stations and railway lines are becoming increasingly popular as train travel becomes a more prominent commuting choice.
So, is all this good or bad for the property market? Well, we would consider the changing nature of the commute to be having a positive impact on our housing market, as it allows more of our housing stock to be effectively used. Big city living has its perks, but having the flexibility to live a little further outside the city centre means buyers will benefit from more space, usually for less money. Good sized, well priced family homes, with parking, located within a reasonable distance of transport links aren’t going out of fashion anytime soon!
Even if you’ve been a dedicated urbanite for years, if your company has recently changed it’s approach to home working, you might be considering moving a little further outside the city and enjoying the extra space you could gain. If you are thinking of moving, it’s important to talk to a local expert who will help you adjust to life outside the concrete jungle. Talk to your local Andrews branch branch to see how we can help with your move.