Suburban landlords to see bonus as more renters commute into London

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Better transport links to the capital have boosted the number of Londoner commuters happy to spend time on the tube or bus.

Renters are living further away from the office than they did seven years ago because this doesn’t necessarily equate to longer journey times due to improvements such as the new Elizabeth Line, resulting in a larger ‘commutable London’, according to Foxtons.

It reports that in 2016, 27% of Londoners were working in central London but living in outer London boroughs, while this figure rose to 39% in 2022.

A shift in the requirements from both buyers and renters for increased space to live and work has influenced their move to outer boroughs.

Foxtons has also seen the return of Londoners who moved out during the pandemic. In 2020, for every one renter moving into London, 1.1 renters moved out, compared with just 0.7 renters moving out of London for every new renter moving into London last year.

Fewer people

In the rental market, Foxtons found that fewer people want to share in large households. Properties with three or more renters comprised just 11% of new lets in 2022, down from 15% in 2019. Those who do share are looking for extra space, 11% more on average compared to 2019.

Lettings MD Gareth Atkins (pictured) says: “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.

“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.”

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