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Property forum > City living, the future - London Property 

It is predicted that by 2006, over 30 per cent of the UK workforce will be working from home. Dedicated live/work spaces have become a
popular way of accommodating this new lifestyle.

‘Live/work’ describes the combination of living and workspace in a single,
purpose-designed unit of accommodation – new-build or converted. It is
therefore distinct from the traditional ‘working from home’. In recent years, live/work has become an increasingly popular way of accommodating a new kind of city-central lifestyle. Several thousand examples have now been completed in the Shoreditch, City Fringe and Hackney areas, as well, increasingly, as in the central districts of other major cities. Between 1995 and 1999, for example, the London Borough of Hackney alone granted over 1000 planning consents for live/work units and, by January 2001, some 480 units had been completed in Tower Hamlets. During 2000, a third of all new ‘residential’ consents in Central London boroughs were for live/work.

IS IT HERE TO STAY?
All the available market evidence suggests that demand for live/work will
continue to grow and that values will increase. Prices of both new and secondhand
units, in areas such as Hoxton and Shoreditch in Hackney, have kept pace with rises in values of purely residential properties. Live/work appeals to the new city centre-dwelling generation of entrepreneurs, innovators and specialists in economic growth areas such as IT, marketing, consultancy,Internet business and technology. Units have been developed for renting as well as for leasehold purchase, indicating a maturing and flexible market.

Occupiers evaluate live/work units in terms of:

- value for money of the accommodation offered, as compared with equivalent
purely residential properties and workspace in the area (although, realistically, there is unlikely to be much of a differential)
- the convenience and business advantages of having your working and living
space in a single unit.

The other main factors affecting live/work are:
- planning and development control, rating, tax and VAT.

More information

http://www.hurford-salvi-carr.co.uk/assets/227/contentpdf/liveworkdoc.pdf
http://www.hurford-salvi-carr.co.uk
Wed, June 6, 2007 | Unregistered Commentershanaka