Where tenants will be looking to live in 2021
Everyone knows what kind of year 2020 turned out to be, but as we progress out of this turmoil we are starting to see the long-term impacts of the pandemic. Now that the UK government has started its rollout of the COVID vaccine, with over 1 million people vaccinated already, some people are expecting life to return to normal. In some instances, this may be the case but with the housing market in some of the UK’s biggest cities…not so much.
With multiple lockdowns giving the sense of a claustrophobic living space, people working from home have recognised the benefits of having multiple rooms or more space to set up a workspace. Research suggests that around 27% of people renting in London are planning on moving once the pandemic has settled down, with almost half of them looking to move away from the city.
Various other struggles of city living have been highlighted during the lockdown. One of which is that around 21% of Londoners don’t have a garden which makes living in an already, on average, smaller living space that little bit more challenging. Then you combine this with the inflated rental prices (which are the highest in Europe) and the population density making social distancing harder for vulnerable family members. Rightmove even shows that in June and July, the number of buyer enquiries considering properties in village locations increased by 126% with over a third of tenants demanding at least one extra bedroom to their property. People are now looking for a life outside the big cities and in more rural and suburban areas where they can get more space for their money.
As there will potentially be less of a need to travel to a city centre office, people will start to look for properties further out as they enjoy the benefit of not having to take into consideration the time it takes to commute. The demand for properties outside the cities but close to transport links are set to rise as working professionals seek accommodation that suits their job.
Living situations for younger people has become unclear too as affordability starts to take a hit. Around 1 in 3 people aged 23-29 years old are now living with their parents which will only motivate them to find cheaper alternatives outside the cities.