Our home requirements are changing to fit new hybrid lifestyles
In our most recent JLL Buyers and Tenants survey, we asked our residents a selection of questions to help us identify trends and patterns in lifestyle preferences, market sentiment, and attitudes towards energy efficiency. We had over 1,400 people respond to our survey this year.
In a nutshell, what we require from our homes is constantly evolving as we meander through life. But what is clear is that it’s not all about the quality of our home. The quality of the neighbourhood in which we are located has become increasingly important to us. Over the past couple of years the way we work has changed significantly. And this has impacted what is most important to us and what we want from our homes.
This years survey resulted stressed the importance of neighbourhood and the area in which we live. There is slightly less emphasis being places on homes themselves, and more on what the local area can provide.
The Appetite for Energy Efficient Homes
We have been aware of environmental impacts for some time now, with gradual transitions to renewable energy, recycling, and a greener life in general. But only recently has there been a push to make our homes more efficient. And for buyers, there are usually two options here; to retrofit your home, or to move into a more efficient home, which also often means a newer build.
86% of buyers in our survey this year said that the energy efficiency of their home was either crucial or important to them, while 79% said the energy efficiency of their home has increased in importance to them over the last year.
What does this mean for new homes?
Recent challenges to affordability and budgets, mean the costs associated with our homes are becoming even more important. 76% of buyers this year said they wanted a more energy efficient home to reduce energy bills.
New homes are more energy efficient than secondary stock, with 85% of new homes awarded an EPC A or B, compared to just 4% of existing stock. When we asked buyers their thoughts, 81% said they would consider buying a new home. A trend we believe will become more prevalent as the benefits of a new home and reduced energy bills are realised.
The convenience of new homes
Hybrid working looks as if it is here to stay. This means we are now demanding the best of both worlds from our homes. We want proximity to public transport for a quick and easy commute into the office, but also the convenience of good local amenities, including shops, leisure facilities, pubs and restaurants.
This year, we asked our buyers what the most important aspect of a home were in improving their quality of life. The amount of green space topped the list, with quality of shops and a sense of community and local pride, following closely after. Meanwhile, 96% of buyers voted the proximity to public transport as important to them.
So, we want it all. There isn’t a lot we are prepared to negotiate on when it comes to finding a home. And why should we? We are spending more times in and around our homes and they are an integral part of our happiness. The good news is it is possible to find homes and areas which do offer it all.
Below is a selection of JLL schemes for First Time Buyers in all four corners of London, which offer an easy commute alongside a thriving local community.
Springfield Place, Tooting Bec, SW London
Springfield place forms part of an exciting new residential village connecting Tooting Bec to Earlsfield. The development includes a new 32-acre park, retail and café space, offering residents proximity to green open space, and key local amenities.
The area offers great transport links, with connections into the city (Bank station) within 20 minutes via the Northern line at Tooting Bec Station. Nearby Wandsworth Common station and Earlsfield provide an overground service to Victoria in 15 minutes.
https://residential.jll.co.uk/sale-development/springfield-place/london-a0O8W00000E38sMUAR
Colina Mews, Haringey, North London
Now available with Shared Ownership options, Colina Mews is nestled amongst the eclectic vibrancy of north London. Surrounded by local coffee shops, cocktail bars and restaurants, the area is perfect for young professionals and first time buyers alike. North London offers improved affordability, without compromising on great local amenities and restaurants. A handful of nature reserves in the area and private balconies within the development offer residents some tranquillity.
Oxford Circus can be reached in 18 minutes via the Piccadilly Line from Turnpike Lane, just 10 minutes-walk away.
https://residential.jll.co.uk/sale-development/colina-mews/london-a0O8W00000GIMBZUA5
Hayes Village, Hayes, West London
With over 9 acres of green space and a new canal-side realm, Hayes Village is perfect for those who like to embrace green space in London. Planned amenities in the development include a gym, coffee shop and a community centre.
The area boasts great connectivity, with journeys to Bond St in 20 minutes, and Canary Wharf in 34 minutes via Crossrail.
https://residential.jll.co.uk/sale-development/hayes-village/london-a0O8W00000E0v2UUAR
New Union Wharf, Canary Wharf, East London
Situated in the infamous Canary Wharf, the development offers residents uninterrupted riverside views across the Thames. An abundance of bars and restaurants lay on the doorstep, providing a great social life for residents. Retail opportunities also include the nearby Westfield Shopping Centre,
Transport links provides routes in the city within 15 minutes from Cross Harbour DLR, whilst the new Elizabeth Line connects the area with other parts of London previously difficult to reach.
https://residential.jll.co.uk/sale-development/new-union-wharf/london-a0O1I000006mOoEUAU
JLL Research | July 2023
JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000. With over 7,000 employees and 15 offices in the UK, we support our investor, developer and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing, building management and sales.
JLL’s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare and student housing.
