One in five landlords (21 per cent ) is predicting an escape to the country by tenants who want more space because they are able to work from home according to research for The Mortgage Lender.
Its research, carried out by OnePoll in July this year, also found 35 per cent of landlords had changed their view on the type of tenants they would find attractive in the future because of the pandemic.
And there is already evidence of this shift according to the latest Rental Market Report from Zoopla, which identified a two-speed rental market emerging between London and the rest of the country with a supply/demand imbalance supporting positive rental growth across all regions and major cities outside London.
It predicts rental inflation outside London will finish the year 1 per cent up on last year while in London rents are expected to fall by 5 per cent.
What our panel of landlords said:
- “Multi-generational and rural properties will be in demand. There will be a move out of the cities and big towns.
- “Possibly more rural property values will increase or remain stable and city-based values may reduce.”
- “I think prices in areas outside cities will increase.”
- “Increase on those with gardens in countryside.”
- “People will move from certain parts of London and the rental market will change.”
- “Property with outside space will be more popular and rents will increase.”
The Mortgage Lender sales director Steve Griffiths said: “No-one really knows what the long-term impact of COVID-19 will be on where people choose to live in the future – but 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.”
To find out more about buy to let products from The Mortgage Lender visit: www.themortgagelender.com
