Though the world might be moving towards a greater sense of normality, there have been some societal shifts that may well be here to stay. One of the biggest changes to come out of the pandemic is the widespread shift from office working to remote working. This has led to an improved work-life balance and a greater sense of flexibility, which has caused many Londoners to realise that they no longer need to live and work in London.
Not only has this caused a huge surge in London buyers purchasing properties outside of the capital, but it has also had a profound impact on the rental market in the home counties, as many Londoners trade in their city lifestyles for cheaper rents, more space and better quality of life in commuter towns. In fact, Hamptons estate agency in London has revealed that they are only just on the road to recovery after 13 consecutive months of falling rents in the capital, proving just how seriously this societal shift has altered the status quo.
It comes as no surprise, then, that in June, Prospect Estate Agency saw the number of tenants coming from London reach almost triple its pre-lockdown numbers. It is interesting to note that by June this year, restrictions had started to lift and some companies were preparing to return to the office, so these numbers prove that this ‘mass exodus’ of Londoners was not just a lockdown phenomenon. It indicates that despite the lifting of restrictions, working from home full time or even part time has become a permanent fixture for many Londoners, which may have driven their move out of the city.
Benefitting from great commuter links and a city lifestyle, Reading has now become a firm favourite for young people moving out of London. Other popular areas for Londoners to migrate to include Maidenhead, Bracknell and Wokingham for their excellent links to the capital.
As many Londoners who are moving out of the city are of considerable wealth, this ‘mass exodus’ has played a huge part in increasing tenant competition and driving up rental prices. With so many competing for the same properties, it is no wonder that void periods have hit an all-time low this year. It is therefore imperative that your property is being marketed to this key demographic, who no doubt will be looking for a rental just like yours.
With our Mayfair office based in the heart of London’s West End, you can guarantee that your property will be seen by prospective Londoners who may just become your next tenant. For more information on how we target this particular audience, contact us today.