Better transport links in the Capital such as the Elizabeth line have increased the popularity of newly built homes for London buyers with homes going from launch to under offer in just six weeks and achieving an average of 95% of the asking price, research from Foxtons reveals.

The estate agent says transport improvements have opened up new places for Central London workers to live, meaning ‘commutable London’ has expanded significantly.

BENEFITS

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.

In the last 18 months Foxtons’ data shows that 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, Foxtons Chief Sales Officer, says: “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.”

THROWN OUT

While London new builds might be becoming more popular the The Neg revealed yesterday how Housing Secretary Michael Gove’s blueprint for new builds will be thrown out immediately if Labour is elected.

Gove has piled pressure on councils to meet housing targets by warning he would name and shame any that failed and also said that any local authorities which delayed legitimate planning applications could lose their powers.

But Labour has promised to reverse Michael Gove’s plans to boost housing supply ‘on day one’ of a new government.