Has Working From Home Impacted The Bristol Housing Market?

Within the games industry, there has been a massive shift to working from home. With the ability to complete tasks remotely, the transition has been easy.  Having to work from home has changed what people look for in a real estate property. Some people who do not have office space are now willing to move to a neighbourhood with a lower cost of living and are more likely to buy larger apartments and houses with a space to have a home office. According to BBC News, 70% of people surveyed (YouGov) thought that it’s likely we never return to the office at the same rate as before the pandemic.   People are not tied down to specific geographic locations and are willing to give up their current offices and move to quiet neighbourhoods with a lot of indoor and outdoor space.

 

 

As more game companies have a work from home policy, what people look for in a home is changing. Many people are now searching for homes in lower cost of living areas to make improvements. They are also looking for a better environment. In addition, a lower price for the living area will allow you more money to invest in a house. Moreover, they can afford to relocate to a city or town, which may not have been possible if they still worked in the office.

 

 

With a rise in working from home, house prices in Bristol are rising at a fast rate. A recent study by Zoopla found that the average cost of a semi-detached property in Bristol was £354,382, up 16% from last year. Terraced properties, which are also popular with home workers, were £323,867 on average. The figures are encouraging, but the future will remain uncertain.

According to the data, Bristol house prices rose 20 per cent last year. The prices of property in Bristol have increased by nearly half in the past decade. However, while costs have gone up in most parts of the country, some local areas have seen a faster increase than others.

In Bristol, UK, House prices rose by an average of £1,000 in March, with the city being the hottest place to live in the UK outside of London. However, the figures show that house prices have only increased six per cent a year despite the recent housing crisis. In contrast, Nairn, Scotland, was the region with the smallest increase in house prices during the same period. However, a study by Rightmove shows that the number of homes selling in Bristol has increased five per cent compared to the same time last year and is projected to rise by another seven per cent by the end of 2021.

 

 

With the rise in working from home, house prices are rising, and the number of households moving has increased. As a result, more people choose to work from home, reducing the demand for office space. The increase in the number of workers from home has led to the rise in house prices. It is estimated that one in four workers in the UK now work from home, which drives up house prices. The average salary of these new residents is also growing.

This trend is likely to continue as the UK’s economy grows. Gaming is a great industry to work in, and working from home does have its benefits, but the question is, when working from home and needing more space is, can I afford to move?  Whilst working in the games industry in a sector that is thriving and looks to continue to thrive.  Do you have to ask yourself questions such as how much would my mortgage be if I move up the property ladder? Or how do I calculate the payments? If I need to re-mortgage, what would the increased cost be?  Then the question is, if I stay where I am in case we move back into the office to work, can I make overpayments onto my mortgage, or if you haven’t bought a home yet, what mortgage can I get on my salary?

Working in the games industry has never been more exciting since being on the property ladder or just starting.