How has the rise of remote work affected demand in different areas of London? – London Business News | Londonlovesbusiness.com

It has only been made possible in recent years thanks to innovative tech developments, but remote work is finally on the rise. More people than ever are eschewing the office setting and opting to graft from other locations. Indeed, according to a report from the Evening Standard, one in five people in London now work from home.

This change in work trend is already having an effect on housing preferences in the capital. There are certain areas that lend themselves to remote work more than others.

The rise of remote work and its influence on housing preferences

In the days before platforms like Zoom completely changed work arrangements, living close to the big city was a major priority for many. London’s thriving offices were filled with thousands of workers, who wanted to live close to the CBD to minimise commuting times.

This is still the case for many, but there has been a recent trend in more people working from home. Of course, in that situation, there is less need to think about travel arrangements when looking for a place to live. Indeed, some people are even selling up their city abodes and moving out into the suburbs. Thanks to websites that make house sales easy like Sold.co.uk, this is easier than ever. There’s been a notable shift in people seeking homes with more office space and outdoor areas, as these are ideal for remote working arrangements.

Which neighbourhoods are thriving due to remote work?

There are already some emerging trends in the property market thanks to the rise of remote work, and these are likely to be more evident by the end of the decade.

You may be able to predict which areas are going to thrive due to these fresh working arrangements. Many people are going to be searching for green spaces, with perhaps a slower pace of life. Richmond and Kingston Upon Thames offer this vibe, with a taste of suburbia and many larger detached houses.

Walthamstow was once an underrated area of the capital, but it has recently witnessed a surge in interest. In the past, it didn’t appeal to commuters due to its lack of transport links. Now, though, remote workers are flocking to it for its affordable housing options.

Which areas are now struggling?

In the same was that certain areas are booming, there’s been a decline in interest in certain parts of the Big Smoke. For instance, Canary Wharf is now seeing a decline in residential demand thanks to the upsurge of remote work. According to a recent report in Reuters, property values in the once bustline commercial hub fell by £1.2 billion in 2023.

There are numerous other spots that are heading in the same direction. Westminster and Mayfair have both seen a dip in demand, as have Shoreditch and Southbank. Investors in these areas may need to consider getting out before prices dip further.

It’s clear that the rise of remote work is already having an effect on the London property market. This trend is set to continue over the next few years, as more people turn to working from home.