The property market is experiencing a significant shift, as the boom initiated by the remote working trend appears to be over. House prices in popular rural and suburban pandemic escape zones have dropped, while London's outer boroughs and commuter areas are seeing price increases. Areas like Bath and the Cotswolds have lost more than £20,000 in average property values over the past year. Meanwhile, places like Three Rivers in Hertfordshire have recorded substantial price growth, indicating a reversal of earlier pandemic trends.
The property boom driven by the remote working revolution appears to be over, with new figures showing house prices rising sharply in London and its commuter belt while once-popular pandemic escape zones are now seeing values fall.
Areas such as Bath, north-east Somerset, the Cotswolds and South Hams in Devon-popular with city workers seeking gardens, fresh air, and home office space during the height of the work-from-home movement-have seen average property values drop by more than £20,000 over the last year.
In contrast, London's outer boroughs and commuter hotspots are now driving price growth, reflecting a reversal of pandemic-era trends. Three Rivers in Hertfordshire, bordering the London Borough of Watford, recorded a 13% annual price increase-equivalent to around £79,000.
Although central parts of the capital such as the City of London, Westminster, and Islington saw house prices fall earlier in the year, recent data shows a rebound. In June, values in Camden surged by 9%, the City by 8%, and Kensington and Chelsea by 3% in just one month.
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