BUYER INTEREST SPIKES IN HOMES WITH STUDIOS & OUTBUILDINGS FOR HOME WORKING & GYMS

Buyer demand for London properties with studios or outbuildings – dubbed ‘pandemic rooms’ by Aston Chase principal Mark Pollack – that can be used for offices, schooling or home gyms has increased since the COVID-19 outbreak report Aston Chase.

Aston Chase highlight that prior to COVID-19 less than five out of every 10 applicants looking to purchase a house in the agency’s Central and North West London operating area would enquire about space or a studio for homeworking or exercise, but since the pandemic eight out of every 10 applicants have expressed specific interest in properties that would accommodate a ‘pandemic room’/studio.

Aston Chase say that the ‘pandemic rooms’ are typically around 400 sq ft to 600 sq ft in size and take the form of either a dedicated space within the main house, or more commonly an outdoor studio shed or outbuilding located within the gardens of the property. The largest ‘pandemic rooms’ can be up to 1,200 sqft in size – suitable for running a business full time or home schooling several children; the agency recently sold a house with an 835 sq ft independent studio.

Studio rooms that are detached from the main house provide a completely private and professional space to work from or a secluded area in which to workout. Buyers want these sophisticated studios to not only be equipped with mains water, power, lighting and heating, so that they can be used throughout the year, but today’s discerning purchasers also look for underfloor heating, air conditioning and fully networked and integrated spaces. They have a specific look and feel in mind, so they want to make sure that they are getting that for the price they are willing to pay. Estate agents are realising this and potentially looking into resources similar to Barnett Electrical – furnace installation services or more locally based ones, so all equipment is up-to-date and ready for the new owners to move in.

Aston Chase observe that since the COVID-19 pandemic homeowners have needed to become much more self-sufficient, working from home, home schooling and exercising at home.

Aston Chase draw attention to a recent survey conducted by the Home Builders Federation that found that 40% of people would now prioritise space for a home office when searching for a new home. ‘Pandemic rooms’ enable buyers to ‘future-proof’ their homes just in case there is another pandemic outbreak in the future.

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Likewise online searches for office desks, office chairs and laptops were all up by over 200% in 2020 while ‘at home’ gym equipment brands such as Peloton saw a 66% increase in sales.

With buyers searching for the best ‘pandemic room’ solutions Aston Chase have recently seen a flurry of sales for houses which provided separate office/studio facilities. For example at 14 Norfolk Road in St John’s Wood Aston Chase recently sold a three bedroom house which had a guest house at the foot of the garden that can be independently accessed and is therefore entirely self-contained.

The guest house was perfect for use as a home office, home school or exercise studio and this feature, along with facilities to charge an electric car, made the property an unmissable opportunity for the buyer and it sold for a figure very close to the asking price of 5.95 million.

Parallel on Queens Grove in St John’s Wood Aston Chase also recently sold a substantial six bedroom house which was owned by Lesley Clarke, the Co-founder & CEO of Nicky Clarke Worldwide. At the foot of the garden the property benefitted from an 835 sq ft contemporary studio house which provided a reception room with open plan kitchen, two bedrooms, a main bathroom and a guest cloakroom/shower room. The studio offered flexible accommodation which could be used by its new owners as a home office, exercise study, classroom or guest house. The studio significantly helped Aston Chase to command a figure close to the asking price of 11.95 million.

Aston Chase have also very recently sold a magnificent 13.95 million Nash residence in Hanover Terrace, Regent’s Park, which benefits from a self contained mews house formerly intended for horse and carriage and in more modern times used for car garaging and staff or guest accommodation, but has now been adapted as a home office/gymnasium in response to the pandemic.

Mark Pollack, Co-Founding Director at Aston Chase says: “Studios providing flexible work, study and exercise space – so called ‘Pandemic rooms’ – have increasingly become a highly desirable feature for buyers seeking family homes offering versatility and flexible space. Even though we are hopefully emerging from the current pandemic, buyers now want to ‘future-proof’ their homes so the desire of buying a house with a studio will be with us for the foreseeable future especially as working from home for many is here to stay.”