London’s transport improvements open up commuter destinations

London’s transport improvements open up commuter destinations

0:03 AM, 25th May 2023, About A year ago

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Opportunities for landlords and investors might have improved after research reveals that commuting for renters and buyers in London has got a lot easier.

According to a new report from Foxtons, the transport improvements in the capital have opened up a whole new world of commutable options.

Its London Report found that in 2022, 39% of Londoners were living in outer boroughs while still working in central London.

That’s a big rise from only 27% of Londoners doing so back in 2016.

The newly developed Elizabeth Line is credited for the trend, among other transport improvements.

‘Shift in buyer and renter behaviour’

Gareth Atkins, Foxton’s managing director of lettings, said: “Transport improvements in London have opened up new areas for workers in Central London to live, leading to a shift in buyer and renter behaviour.

“Londoners are committing to living further away from work than they did five years ago, however this does not necessarily equate to increased journey time.

“London never stands still and the continual expansion of its transport network means that new areas are opening up opportunities to homeowners, renters and landlords.”

He added: “Locations along the route of the Elizabeth line, for example, are increasingly popular and are benefitting from London’s latest addition to its extensive rail network.”

Shift in requirements from renters for more space

The report also notes a shift in requirements from both renters and homebuyers for more space to live and work – and Foxtons found that fewer renters are looking to share large households.

Instead, they’re looking for more space with 11% more on average compared to 2019.

Only 11% of new lets in 2022 comprised of rented homes with three or more renters, that’s down from 15% in 2019.

The data also shows that 73% of buyers see outside space as a must-have feature, up from 38% back in 2017.

And while alternative working patterns, including working from home, has allowed some Londoners to move a few stops down the tube line, the trend of moving out of London during the pandemic has now reversed.

In fact, for every renter moving into London, only 0.7 renters moved out of the capital in 2022.

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