As we all speculate about our return to the new normal, consumer concerns about using mass transit to return to work are top of mind. Many companies, such as Twitter and Square, are extending their work from home policies forever, while some organizations are taking a more balanced approach. However, one trend is clear, those buying or renting a new home may be attracted to properties that allow them to walk to work or use micromobility options (such as bikes or scooters).
The latest research by Howsy, a UK lettings management platform, looks at how affordable renting in walk to work locations in London might be for tenants looking to ditch public transport as part of their new normal - using the City of London as the hypothetical office location.
The data (sourced from Property Data) shows that across the 20 locations analyzed, the average cost of renting is £2,001, which is 18% higher than the current London average.
Unsurprisingly, Mayfair comes out as the most expensive walk to work rental hotspot at £2,786 - 64% higher than the London average. At the other end of the spectrum, Mile End seems to be the most affordable option within an hour walk of the city - with average rent of just £1,494.
We decided to visualize these 20 locations on the map to make it easier to explore:
Traditionally, London's more affordable peripheral locations were in high demand amongst tenants looking to commute into the city centre, but with the ongoing threat of the Coronavirus, this could be about to change. While many of us will continue to work from home, we could well see an increase in demand for rental properties within walking distance of the capital's major work hubs, as Londoners look to avoid the confined spaces of public transport. For landlords, this could well become the ‘new selling point' when listing their home and could take over from the appeal of a nearby transport hub. Only time will tell how working habits will change due to the pandemic but for now, a walk to work rental certainly provides strong appeal for those looking to rent or invest in a buy-to-let in London.
Callum Brannan- Founder and CEO, Howsy
Of course, this isn’t just a London-specific trend, and we’re sure this is something we’ll see in other major work hubs - as well as a tendency for many, particular families, to start moving away from major urban areas.
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