As the government prepares to roll out the first coronavirus vaccines, much of the nation will be anticipating a return to a more ‘normal’ life in 2021. But for London’s housing market there may be no going back to normal. New research from flat-share site SpareRoom shows that 49% of London’s renters who intend to move plan to quit the city for good once the pandemic is over.
According to the research, 27% of renters in London plan to move after the pandemic has come to an end, with half of them (49%) determined to leave the city. The upshot is a projected 13% net exodus of renters from London. Also, 60% of renters who plan on moving post-Covid-19 are not looking to move to a major city, which means a wider shift away from city living looks likely.
Matt Hutchinson, SpareRoom director, said: “We’re looking at a redrawing of the UK’s rental map in 2021 and London will be the biggest loser. Whether it is down to the catastrophic effects of COVID on tourism, hospitality and the arts, driven more by lifestyle factors like wanting outdoor space, or simply the realisation that many jobs can now be done from anywhere, London living is losing its appeal for many.”