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.
Data analysed by estate agency Purplebricks using the latest House Price Index from the Office for National Statistics reveals that many of the rural and suburban areas that soared in value during the height of lockdown have now lost significant ground.
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.
These areas were previously among the biggest winners in the post-2020 property surge, with prices climbing by up to 15% between 2019 and 2020 as tens of thousands of Londoners left the capital. But demand has since waned, and the market is adjusting.
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.
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