From Robert Ulph on February 5, 2021
The property portal Rightmove recently carried out a study and found that a growing number of tenants are looking to move out of cities, which is having an impact on asking rents as more rental property becomes available.
The study specifically looked at the centres of ten of the biggest cities around the UK and found that in Inner London 53% of renters living there have enquired about moving out of the city. This has hit rents hard with an average annual fall of over 12%, as the number of rentals available is up by a staggering 139%. Other cities such as Leeds, Nottingham, Edinburgh and Manchester are all showing similar patterns.
In contrast, asking rents outside London rose in the final quarter of last year for the first time, leading to another record of an average of £972 per month, up by 3.7% annually. However national stock is down, by 9% compared to the year before.
These times of lockdown, for many, has meant a reappraisal of life and those looking for a change of lifestyle, especially from city life, are looking to places like Suffolk more and more as a desirable permanent move.
Locally we have appreciated the access we have to beautiful countryside or making use of the wonderful parks and open spaces we have in our towns. This has meant that exercise and enjoyment of the outdoors has been possible.
There are also factors around how we will be working going forward and with the increased acceptance of working remotely and ability to work from home, means more space is sought and again Suffolk has great attraction.
There are also the commercial aspects locally too with Felixstowe, for example, continuing to be a major factor in Suffolk’s success as one of the biggest and busiest ports in the world and contributing hugely to the local economy. The same with the booming technology sector we have and many companies have enjoyed a boost in the current time with the increased reliance on communications.
Ipswich Waterfront will continue to be a real asset to the town and we look forward to when the restaurants and hotels will be packed again every night. The University will continue to go from strength to strength and we are fortunate to have a wide range of leisure, arts and other entertainment locally too, so once back up and running, the area has something to offer everybody.
Suffolk has always been a great place for families and it is interesting to see how family living could significantly change after lockdown. Parents and grandparents could look to move to be closer to their families and settling in Suffolk in their later years has appeal too, with the pace of life and quality of living they are looking for.
As always please do not hesitate to contact me as I am happy to help with any advice on our local property market.