New data points to a mini-boom about to hit the UK private rental market.
Throughout the multiple lockdowns with people having nothing to do but sit inside the same four walls it’s no surprise that tenants are itching for a change. The pandemic has definitely shifted priorities with people valuing more outside space and useable office space for working from home.
The UK’s leading mortgage lender Nationwide has published new data that suggests that 40% of tenants are planning a move now that Covid has eased.
Chief economist Robert Gardner has claimed that renters are to be the most active post-pandemic home movers. He says:
“Research we conducted in April showed that the pandemic had prompted more than a quarter of people (29%) to move or consider moving home”, he says.
“Looking across tenure types, tenants in the private rented sector were most likely to be moving or considering a move, at 40% of those surveyed, compared with 32% of those owning their home with a mortgage and 20% of those who owned their home outright.”
The sudden surge of tenants moving isn’t expected to cause any price increases in the rental market or alter its stability.
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