27% of London renters are planning on leaving the city after the pandemic

It’s no secret that the pandemic has made many of us rethink where and how we’re living.

From the renewed importance of outdoor space to the lack of the commute as we work from home, it’s understandable some have been considering whether it’s worth paying city rents.

But the amount of London renters making plans to move out of the capital once coronavirus has settled is extremely high; 27%.

Research by SpareRoom found that not only do more than a quarter of those renting in London want to leave, but 13% are looking to move away forever when they can.

Over half of that 13% are planning on renouncing city life for good, with coastal towns and suburbs winning over the UK’s other major cities.

Matt Hutchinson of SpareRoom said of the findings: ‘We’re looking at a redrawing of the UK’s rental map in 2021 and London will be the biggest loser.

‘Whether it’s 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.’

A previous SpareRoom report also found that room rental prices have dropped in London but risen slightly everywhere else (except from Scotland). There’s also a record high almost 1 in 5 people in their thirties living with their parents.

Matt adds: ‘This could be the start of a changing UK economy that relies less on London and the South East, as remote working becomes the new norm,

‘If that’s the case, London rents are unlikely to recover quickly and house prices could follow suit once the stamp duty holiday ends.’

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