"Transport improvements in London have opened up new areas for workers in Central London to live, indicating a shift in buyer and renter behaviour."
- Jean Jameson - Foxtons
London estate agent, Foxtons, has found that newly built homes are increasingly popular with buyers in the capital, going from launch to under offer in just six weeks and achieving an average of 95% of the asking price.
According to the data, while just 8% of buyers in the first half of 2023 initially registered with the Foxtons new homes team, 16% of buyers bought a new home – indicating buyers are increasingly attracted to the benefits a new home can provide.
Transport improvements, such as the Elizabeth Line, have opened up new places for Central London workers to live, meaning ‘commutable London’ has expanded significantly.
Foxtons found that in the last 18 months, 34% of renters who worked in the City and moved home chose to rent in East London. Of the rest of London, 31% stayed closer to work in Central London boroughs while just 15% moved to South London, 13% to the West and 7% to the North.
Jean Jameson, Chief Sales Officer, said: “Transport improvements in London have opened up new areas for workers in Central London to live, indicating a shift in buyer and renter behaviour.
"In particular, the introduction of the Elizabeth Line will likely bring new areas into the fore. London is constantly expanding and developing its public transport network which will continue to open up new opportunities to homeowners, renters and landlords.”
