In case you missed our earlier episodes, you can get up to speed by clicking the following episodes:
- “Industry Insight | Multigenerational Living Is On an Extraordinary Rise “
- “Industry Insight Episode 2 | Challenges in the Mortgage Industry“
- “Industry Insight Episode 3 | Uncovering the Potential of Annexes as Holiday Lets“
- Industry Insight Episode 4 | Making the Dream Achievable | A Blissful Ending
With COVID-19 restrictions part of everyday life, thousands of employees have remained working from home. During the first lockdown back in March, many of us operated from a corner of the living room, the kitchen table, or the spare bedroom. However, as restrictions have continued, home working has become increasingly sophisticated.
Building a ‘summer house’ separate from the main residence is becoming popular, with more people looking to create a dedicated workspace at home. So, what opportunities does this make for mortgage intermediaries?
Industry Insight Episode 5 | Growth in homeworking
Official figures show exclusive remote working hit a high of 38% in mid-June*, though the statistics were only collected from the middle of May, so missed out on nearly two months of lockdown and could have been higher. As uncertain times continue, employees are now facing further months of working from home as the pandemic grows again in intensity.
Industry Insight Episode 5 | Home offices – part of the new normal
A poll from the Home Builders Federation has stated that 40% of people say that they would now prioritise space for a home office if they were searching for a new home. The figures are no surprise as employees look to make their home working environment as user-friendly and comfortable as possible.
Pandemic restrictions may continue for some time, so working from home could be the enforced way of working and the preferred option for those who have already sampled the benefits.
Industry Insight Episode 5 | How have we adapted?
In articles like this, I often provide a case study example—perhaps from a Harpenden Building Society customer or someone in our community. I didn’t have to go far this time, as Jean Errington, one of our Business Development Managers, and I have first-hand experience creating our own dedicated office space following the lockdown.
We’ve both decided to create a ‘Summer House’ at the end of our gardens. Not only do they provide extended leisure space for entertaining and the like, but they also provide that valuable ‘Home Office’ much appreciated during these COVID-19 times. It’s a good option if extending the main residence is impossible. | Industry Insight Episode 5
Industry Insight Episode 5 | Summer house options
Summer houses start from a base price of approximately £2000 and can easily rise to five figures plus. Like any development project, the cost depends on your chosen building specifications. If cash isn’t available to fund it, a mortgage option provided by a specialist lender, such as Harpenden Building Society, can help facilitate the build. We fund large-scale summer house developments costing more than £75K.
Jean opted for a summer house measuring 8 feet by 8 feet, guided by the available plot size. This structure has given her family extra leisure space and allowed her to work from home without interruptions.
Quotes
Industry Insight Episode 5 | Top tips
Drawing from my experience, here are some tips to pass on. Firstly, finance your project efficiently. At Harpenden, we are pleased to speak with brokers and their customers. We discuss lending options that suit those considering major construction.
Personalised Application Reviews
We review each application personally to ensure all details are considered. Customers increasingly approach us with complex financial profiles and multiple income streams. Due to this complexity, a high-street lender’s algorithm might reject an application.
However, we investigate each situation more personally and manually assess every application. This additional scrutiny allows us to say ‘yes’ in circumstances where a high-street lender’s algorithm cannot.
Researching the Market
Secondly, I recommend researching the market thoroughly. Many cabin suppliers cater to all budgets. Look carefully at delivery timetables and promises to deliver within a specific period. High demand for summer houses during COVID-19 can cause delays.
Some suppliers offer complete services, such as preparing the groundwork and erecting the structure. If you lack time or skills, consider the extra cost of these services in your budget. These tips immediately come to mind.
Acquiring a Summer House
My experience has been positive. Acquiring a summer house has been a cost-effective option. It provides valuable additional living space quickly and easily.
Industry Insight Episode 5 | The Opportunity
Based on our experience, enquiries about financing summer house builds and garden offices will continue to rise. We’ll be pleased to speak to expert brokers looking to provide financing options for customers exploring this new ‘home working’ opportunity.
*Office for National Statistics
Credit: Craig Middleton, Mortgage Sales and Distribution Manager, Harpenden Building Society | Industry Insight Episode 5
Thank you for reading our publication on “Industry Insight Episode 5 | An Option for Homeworking.” Stay “Connect“-ed for more updates soon!
