Just over a fifth of landlords predict their tenants will escape to the country in search of more space because they are able to work from home, almost anywhere.
Research by The Mortgage Lender 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.
TML sales director Steve Griffiths says: “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.”
Extracts from a survey of the lender’s panel of landlords has thrown up a number of sentiments including “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.”
Other landlords commented: “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 says there is already evidence of a shift to the country according to Zoopla, which it says identified a two-speed rental market emerging between London and the rest of the country.