Are those renting in London changing their most haves?
A new report published by Home Made (proptech lettings service) they have seen that those renting in London have made 4 big changes to what is important to them.
In 2020 there is only 1 London borough that holds it position in the top 10 most popular boroughs to rent and 5 of the boroughs were not in the top 10 list last year. Such as Hammersmith & Fulham are now in the number 1 spot from number 11 and Richmond's now sits at 23rd (from 3rd)
The 4 top changes are
renters choose new locations
demand for suburbs falls as white-collar workers leave London
London’s commuter spots searches are down. Areas such as Earl’s Court, west London had 40% fewer searches in August 2020 than last year. The Guardian
Renters choose new locations
Home Made found that 64% of renters are looking to relocate to a new location which has an average travel time of 44 minutes between where they are now and their new location. This has been created by the appeal of living in less populated areas, working from home so renters can enjoy a larger garden and more space at the same rent level or less as they look to the countryside, and the intense work/living environments for many makes renters prioritise change.
The reduced London demand has enabled some areas to be more affordable as EU citizens return home as we entered the first lockdown. For example, a two-bed flat on Hackney Road was listed at £2,253 a month in March 2020 and in July 2020 was cut to £1,798 (The Guardian)
demand for suburbs falls as white-collar workers leave London
As the lockdown hit the UK, a wide proportion of the population were forced to work from home and the property sector show a reduction in demand for the suburb commuter belt properties. As many see working home as the new norm they can look to the countryside to enjoy picturesque country towns and villages for a greater savings and quality of life., whilst maintaining their work responsibilities.
Outdoor and indoor space has come to top of most renters and buyers demand list, and as we change the way we work more areas that were once unconsidered can now be our potential homes. The quality of life given by a less compact living arrangement will have huge positive impact on a nation where mental health and well being is a concern. The ability to enjoy wildlife and green spaces and for us to get into the open is vital for us to prosper and bet Covid.
Buyers searching for a home with a garden was up 42% in May 2020 compared to 2019. Rightmove
Centre boroughs popularity rise
Since the lockdown was brought in during Q1/Q2 many EU citizens returned home to spent time with their families and loved ones. This left a market for new candidates to move into the London rental market. But when the restrictions eased the EU nationals will return, a flooding of short-let properties and no international students with generous budgets allows renters more choice and many more affordable options.
Areas with stable amenities are more appealing
As people spend more time at home, renters have begun to consider local amenities as a most have over other needs. Due to an increase of working from home and restricted movement around the country local and independent shops and cafe have thrived. Areas like Kensington & Chelsea and Shoreditch are highly demanded due to their distinct communities.
With open space being a premium in many areas it is imperative that your rentable property has its own garden or is near a park, nature reserve and that you play up this fact. The ability to walk to shops and avoid public transport is certainly on many people's minds now, so up-sale this point, plus people are more concerned with supporting our local business who have taken the brunt of many Government decisions.
