Vita releases Future Living Report
More than 8,000 people participated in the study, which looks into a variety of trends and issues that shape our residential spaces, including the cost of living crisis, hybrid working, and home sales.
Manchester-based developer Vita Group commissioned the report from research specialist 3Gem, which conducted the study between August and September this year.
Max Bielby, chief operating officer for Vita Group, said: “The largest piece of work of its kind within the industry, The Future Living Report provides robust data and insights to formulate intelligence which will help shape the products we create.
“In responding to behaviour changes and trends quickly, we can hone and adapt our proposition to best suit the consumer – creating environments for people to thrive.”
Some key stats from The Future Living Report include that 60% of those interviewed had had to adapt their home for hybrid working at an average cost of £4,300.
The survey also found that 19% of those interviewed were seriously considering moving to find a home that was more suitable for hybrid work and 10% had already done so.
Vita’s study also found that the cost of living crisis has reduced interest in moving house in the country. The future of Living Report states that 80% of people in Britain will opt to stay in their existing homes, with only one in five interested in moving.
The study also found that 17% who were considering moving had decided to put off switching house because of rising interest rates.
While sustainability is becoming a growing concern for developers, for occupiers the survey found that energy efficiency was ranked the third least important property attribute.
The full report can be accessed at vitagroup.com/vita-lab/future-living-report.
Vita has developments throughout the North West. Current projects include the company’s retirement brand Symphony Park’s 160 apartments in Alderley Park and the group’s House of Social student accommodation brand’s 600-bed student resi at First Street in Manchester.
