A home office has become a desirable property feature since the Covid-19 pandemic forced the vast majority of employees to work from home, new research has shown.
Across London, demand for homes with office space has increased from 8% since the start of lockdown to 27%, according to estate agent Benham and Reeves.
Demand was found to be highest across London’s peripheral boroughs, accounting for the top 10 most in demand. Bexley saw the largest number of people looking for a home office, with 53% of homes with a home office already sold or under offer. Hillingdon, Bromley, Croydon, Redbridge, Ealing, Havering, Waltham Forest, Haringey and Richmond also featured in the top 10.
According to Hiscox, an extension can increase the value of a house by 8.4% and with the average London house costing £485,794, this could result in an increase of £40,807.
Marc von Grundherr, director, Benham and Reeves, 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.”
