According to the findings, there has been a surge in enquiries for properties in Zone 3, plus a shift in popularity for middle-market price options, recorded since lockdown restrictions were eased on Wednesday 13th May.
The data relates to rental enquiries recorded between 13th – 27th May 2020. Along with a 257% rise in enquiries for properties located within Zone 3, BAM has seen a 154% increase in those enquiring for properties with private gardens/outdoor spaces. The Borough of Brent has also been revealed as the fastest-growing in popularity amongst those looking for a house share in the capital, with Hammersmith and Fulham seeing the largest drop in demand.
According to BAM, the following rental trends have been seen across the capital between 13th-27th May:
- 257% rise in rental enquiries for rooms within properties located in Zone 3, when compared to an average 2-week period prior to lockdown restrictions
- Borough of Brent revealed as the fastest-growing in popularity for London renters
- Borough of Hammersmith and Fulham has seen the largest decline in enquiries since lockdown restrictions on the industry were eased
- 154% in enquiries directly citing a desire for property with private garden or outdoor space
- Mid-market price-point properties have overtaken higher-end prices as most popular amongst rental deals signed in time period of 13th-27th May
Alex Gibbs, Co-Founder and Director of Built Asset Management, commented on the data: “Since restrictions on the rental market were eased on May 13th and we have been able to service rental enquiries coming through, we have seen a definite shift in priorities amongst Londoners.
"The trends show co-living renters to be shunning the commuter-ease of Zone 2 for the more suburban, spacious offerings that Zone 3 can provide. Alongside this, there is a definite shift towards a more middle-market price-point where, typically, the higher-end portion of our portfolio has proven most popular. This suggests a much more price-conscious rental market coming out of Covid-19. Lockdown has also (unsurprisingly) left renters much more conscious of the outside space around them, with gardens and proximity to parks cited more commonly as a rental requirement than we have seen previously.
"As time passes, it will be very interesting to see whether these changes are a knee-jerk reaction to the recent events or whether they represent a more permanent shift in behaviour patterns. With much being mooted about a more flexible return to office life, our current view is that a push towards some of London's less central, more suburban zones is likely to be a change which exhibits some longevity."
