Twenty-one per cent of landlords are predicting that tenants will move to the country for space and to work from home, according to new research from The Mortgage Lender (TML).
The research, carried out by OnePoll in July, also found that 35% of landlords had changed their view on the type of tenants they would find attractive in the future because of the pandemic.
There is already evidence of this shift, TML stated, after highlighting Zoopla research which identified a two-speed rental market emerging between London and the rest of the country. The property specialist revealed a supply and demand imbalance supporting positive rental growth across all regions and major cities outside London.
TML has predicted that rental inflation outside London will finish the year 1% up on last year, and suggested that London rents are expected to fall by 5%.
“No one really knows what the long-term impact of COVID-19 will be on where people choose to live in the future,” commented TML sales director, Steve Griffiths.
“We do know that a lot of larger employers with flagship offices in London have already taken the decision their workforce will remain working from home for the rest of this year.
“Despite the uncertainty, we do know that we’re not building nearly enough new homes in the UK to meet demand and that good quality rental properties will continue to be desirable.”
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