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TODAY'S OTHER NEWS

Not just home owners - tenants also want to escape to the country

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.

  • Ruan Gildchirst

    London property prices and rents will continue to fall, just look at what is happening in NY!

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    • 23 October 2020 08:02 AM

    Yep there remains many deluded London LL that believe London will continue as before.

    I called the market just before CV19 hit much as I predicted 10 years ago that we would have 2 decades of low IR.
    I'm 10 years correct so far.

    London is a busted flush.

    The smart money got out of London end of last year.

    Wonder how many London flats are unsellable due to cladding issues?

    Hopefully London LL are sufficiently low geared enough that LHA can pay the mortgage.
    But there will be little remaining for S24 etc.

    I can see many London LL being bankrupted.
    The smart money will be moving beyond the M25

    That makes Epping an investment hotspot for East London.

    Trouble is it very expensive as everyone else has the same idea.
    Epping you are 15 mins from the M25 and M11.

    Plus a 55 min journey by tube to Central London.

    No possibility of an CCZ expansion beyond M25.
    Plus 20 mins for Stansted
    Epping is about as sweet a spot as you can get.

    This is where many Londoners are buying.

    But wherever they are going they are certainly leaving London.

     
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    Mr Griffiths, so if people are deserting London why in the same breath are you saying Build more when there is no shortage you try & let you'll find out, I had one vacant 4 months in West London, everyone is on the media band wagon based on nothing just build more when there is already a glut, stop building stupid Sky Scrapers clearly not required, remember Grenfell disaster at 24 story's so the Councils answer is now to Building 42 Story just a mile away although part is more than that, pure madness but we can't expect any better from Councils 20 mph snuffing the life out of Business / destroying the economy, now they have introduced portable timber flower boxes planked in the middle of the road or at junctions with no entry sign stuck on them + cctv £3m in fines already in a few months, of course you block all the arteries clogging the main drag doubling congesting & quadrupling pollution, I wont even mention Bus lanes. Congestion Charge & Emissions Zone being extended more huge costs but don't worry no one will want to do anything, imagine getting done for speeding at 24 mph has happened, I seen eBikes flying past quicker, Congratulations

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    • 23 October 2020 10:40 AM

    How will the extended CCZ work?

    Does it mean every vehicle registered within the CCZ has to pay the CC?


    Or is it only if it moves.

    Just can't see it being viable to operate a car within the CCZ.



    Matthew Payne

    Will apply to any cars moving in the current or enlarged zone. Residents used to get 90% discount off one car only provided its their main residence, paying council tax, etc however they have suspended that discount now for new applicants to encourage Londoners not to use cars at all. From 2021-2025 there are discounts for electric cars and then after that its 100% payable by everyone again.

     
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