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Workers ordered into the office are coming back to the capital to take advantage of lower property prices

More workers are buying London properties as employers increase office attendance requirements, according to estate agent Nathan Khider.

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Workers returning to the office are helping drive renewed demand for London homes as long-distance commuting becomes less practical, according to Nathan K Real Estate.

Nathan Khider, owner of the London-based estate agency, said he has seen a growing number of buyers returning to the capital after previously relocating during the pandemic, with lower property prices making the move more attractive.

Khider said: “A lot of the buyers are being told they need to spend more time in the office making their long distance commutes unsustainable.

“It is one thing travelling one day a week from Bristol or Devon but to do it three or four times a week isn’t dobale.”

The comments come after Rightmove reported that average asking prices recorded their biggest June fall in 14 years. Khider believes the softer pricing is encouraging buyers back into the market.

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He said: “As average asking prices have decreased, this is definitely positive news for buyers.

“Over the past 10 years, June has typically seen modest price increases, but this month is bucking the trend.

“Many are trying to play it safe with ongoing economic uncertainty. Interest rates appear to be steady at the moment, but may jump in July when the utility price cap resets. The higher oil prices may also catch up and impact further rises throughout the rest of the year.”

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Khider added that easing mortgage pricing is also helping improve confidence among prospective buyers. He said demand has intensified for London flats, with some properties attracting dozens of viewings and selling above their asking prices.

He said: “I have noticed a huge surge in interest in London flats this year as employees are having to work in the office 4-5 days a week.

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“One of my flats valued at £800,000 received almost 30 viewings in just one day and was eventually sold in a bidding war.

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“The clients viewing are those who used to live in London and moved out when work from home became the norm during the pandemic.

“They moved where property prices were cheaper and the way of life slower.

“Commuting 1-2 days a week was manageable, but recent enforcements to encourage workers away from a hybrid-model has created this boom of interest in London homes.”

Khider said some buyers are retaining larger family homes outside London while purchasing smaller properties in the capital for use during the working week. He added: “We are inundated with viewings at the moment.

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“A 2-bed property in Crane Grove, Islington, had 14 viewings on one day with all offers over the asking price of £1.2 million.

“The spacious, 1,025 square foot home has a private garden, open-plan kitchen and living area and Georgian features blended with modern aspects.

“Islington is a really popular area for young adults. It is well connected with good transport links to the city.

“Several people are looking to keep their larger homes outside of London and buy a smaller flat in the city as a place to stay during the working week.

“A one-bed flat on City Road, valued at £775,000, has received a lot of interest.

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“The loft style apartment has high ceilings, a modern bathroom and fully fitted kitchen. Its location by Old Street Station has made it desirable for workers looking for a quick commute to central offices.

“I am expecting this property market boom to increase while more companies require workers back in the office.”

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