UK rental figures show demand is returning to city centres.
Throughout the COVID-19 pandemic, demand for properties in city centre locations decreased. But as lockdown restrictions start to lift, the industry is now seeing a sharp rise in people looking to return to urban centres.
During the pandemic, location preferences changed. Many professionals worked from home, opening up new locations for tenants and property guardians – without the constraints of commuting. People were looking for quieter surroundings to suit their adjusted lifestyles and their new work life balance. There was also an increase in people moving back home to live with family, as jobs were furloughed, and uncertainty filled the air.
But as restrictions start to ease and confidence returns, there is a sharp increase in demand for city centre property. City centres are now bouncing back as offices and hospitality settings open back up – bringing jobs and visitors.
Gráinne Gilmore, head of research at Zoopla, said: “The opening up of the economy and the slow return to ‘business as usual’ as the vaccine rolls out means demand will continue to build over the summer as more people move to rent their first property. Although, as ever, this will be dependent on the economy opening up in line with the planned timetable.
“Demand will continue to rise in city centres as offices start to reopen and this, coupled with increased affordability levels in many cases, will start to counter the negative pressure on rents seen over the last 12 months.”
Are you looking to get back to city life? Here are a few of our favourite London properties – you can view all of our current availability here