The UK renting market is one of the many industries affected by Covid-19. Due to the work from home policy, many Londoners decide to go back to their home cities, to avoid the expensive London rent.
The pandemic has caused global demand for renting to plummet since many countries have entered lockdown conditions. People’s mental health, business plan, and personal lives have all been affected by it. The UK renting industry has been struggling since the start of the pandemic. The engagement by tenants in London has dropped 4.1% over the last six months.
The London Assembly Housing Committee has published its latest housing survey results. 14 per cent of Londoners are willing to move out of London and 33 per cent want to move to a new home.
Angeles, a previous resident of London City Island, said:
“I had the thought of leaving London and move back home when I first started working from home. I work for a small tech company, most of my work can be done at home during the lockdown. The company has sent me everything I need, there’s literally no point travelling to work anymore. If there’s no point travelling to work, why am I still here paying nearly £2000 rent every single month? That’s when I decided to leave, and now I’m back home at Oxfordshire. I’m now living in my parents housing, not paying any rent. I’m feeling good.”
There are many people just like Angeles, paying for expensive rent in order to stay closer to their workplace. Now, with the opportunity to work remotely, it would see an increasing number of people return to their hometowns. In other cases, some tenants are struggling to pay rent. Many landlords have been forced to drop their rents in this situation. As a result, a drop of rent would lead to a bounce back in the renting market. Jack Kuecker, director of the Spotahome, said: “the UK market is set for a swift comeback.” There are signs on the market currently suggesting that the number of tenants is going up again as a result of the dropping rent fee.
Here are 5 Tips for people who are trying find the perfect flat in London during the pandemic
- Use London Property Sites to brows
- Learn London’s Property Terms
- Make a list of must-haves
- Set a budget then negotiate with the landlord/make an offer
- Many properties are available to do virtual viewing