"In 2020, none of our clients purchased properties for business use, likely due to the very limited need for office space during the pandemic. However, this past year, many properties have been bought for this purpose"
- Daniel Chard - Bird & Co
A review of 2024 property inquiries conducted by the UK conveyancing solicitors has uncovered that around 1 in 3 properties in 2024 were purchased for business purposes; a consistent figure from 2022.
Their report also found that first-time buyers made up 71% of their clients, up from 68% in 2023 and that
29% of buyers already owned a residential property. 81% of buyers purchased properties as primary residences, up from 78% in 2023, according to the data.
"We previously witnessed that the share of properties purchased for business use rose sharply from 15% in 2021 to 33% in 2022, before gradually declining to 31% in 2023. In 2024, the figure stood at 30%, which is still significantly high," stated the firm.
Despite modern work-from-home trends, demand for commercial spaces remains strong post-pandemic.
In 2024, only 9% of properties were bought by companies, suggesting that most business buyers are independent commercial landlords adapting to EPC regulations and leasing office spaces.
"In 2020, none of our clients purchased properties for business use, likely due to the very limited need for office space during the pandemic. However, this past year, many properties have been bought for this purpose," said Daniel Chard, Partner at Bird & Co.
“It’s great to see more office spaces opening up. Interacting with colleagues in person is integral to creating community within a company.
“As we look towards 2025, we must consider that the housing market will be affected by both the government’s budget, which outlined plans for the construction of mass affordable new builds, and the upcoming removal of the adjustments made in 2022, to the Stamp Duty Land Tax,” concluded Daniel.
