(Commonwealth) _ The Modern House, a website renowned for showcasing architecturally striking properties, has long served as a source of inspiration for affluent house hunters and a means of escapism for those who could only dream of affording such luxurious homes. This platform has become a go-to site for people looking to browse or admire beautiful properties, ranging from spacious apartments in converted factories to cutting-edge, Grand Designs-style new-builds. However, the realities of the UK’s property market slowdown have now caught up with the company. Recent reports suggest that The Modern House has undertaken cost-cutting measures by reducing its workforce, resulting in the departure of approximately 20% to 25% of its staff, as it seeks to adapt to the changing landscape of the property market. While the company listed 61 employees in August, its website now indicates a workforce of 44. Most of these departures are said to have occurred in the past few weeks, with the editorial and marketing teams feeling the greatest impact. The Modern House is not the only UK estate agent firm making adjustments in response to rising interest rates and the cost-of-living crisis, which have raised concerns about a potential house price crash. While many visitors to The Modern House’s beautifully presented website or Instagram feed come to browse its property collections, they may not even realize it’s an estate agency, often mistaking it for an upmarket interiors or lifestyle brand. In reality, it’s a combination of both.
Founded in 2005 by friends Albert Hill, formerly the architecture and design editor at Wallpaper magazine, and Matt Gibberd, a former senior editor at The World of Interiors magazine, The Modern House drew inspiration from a real estate firm in Florida that specialized in mid-century modern houses. They wondered whether a similar concept could succeed in the UK. The company’s name was inspired by FRS Yorke’s 1934 book of the same name, which introduced modernist architecture to a British audience. Its target audience consists of affluent young professionals seeking design-focused properties that prioritize space, light, materials, nature, and decoration, and who aim to live in more thoughtful and beautiful ways. The company has significantly expanded beyond its initial vision, launching various spin-offs and ventures. In 2021, it introduced a sister platform for period properties named Inigo. The Modern House also boasts an Instagram feed with over 750,000 followers, is featured in several coffee table books, produces a glossy magazine available for £15 per issue, runs a podcast called “Homing In,” maintains a YouTube channel, and offers an online directory of architects, designers, and other brands endorsed by the firm. While its headquarters are located in a former ecclesiastical building in south London, The Modern House differs from traditional estate agencies by not maintaining a high street branch network, defining itself as a platform without a specific location-based presence. Nevertheless, it collaborates with prominent property portals such as Rightmove and Zoopla.
During the pandemic, The Modern House experienced rapid growth, as millions of people confined to their homes during lockdowns became engrossed in browsing property websites, whether planning a relocation or simply indulging in fantasies of a new life in the countryside, a market town, or along the coast. The Modern House, a platform initially founded to showcase design-focused properties, has had to adapt to changing market conditions by reducing its workforce in response to the slowdown in the UK’s property market. While it remains a source of inspiration and aspiration for many, the company’s shift in focus and cost-cutting measures reflect the broader challenges faced by the property sector as a result of rising interest rates and economic pressures.
