Tenants in London look to move out of the city
The number of tenants looking to relocate from London has increased since lockdown began, according to Spotahome.
The international rental marketplace noted that tenants located in London but searching for rental accommodation across other foreign cities have increased by a weekly average of 5% since the first week of lockdown.
There has been a 255% jump in the number of London tenants looking to move out of the capital when compared to the levels seen in the first week of lockdown.
Where are they looking?
Berlin has been the most popular option for those looking to move away from the capital. Barcelona has also ranked high, as well as Dublin, Lisbon and Madrid.
UK and Ireland country manager of Spotahome, Nadia Butt, said: “We’ve certainly seen an uplift in tenant interest in recent months from London tenants looking to vacate the capital for other major cities across Europe, in particular.
“There’s no doubt that weeks of lockdown restrictions, job losses and the high cost of renting in London have caused some to seek greener pastures.
“However, we believe this movement is more of a natural return to regular market conditions rather than a London exodus.
“Travel and work restrictions would have stopped many in their tracks and as these have started to ease, tenants have been able to continue with life and any planned moves they may have prior to the pandemic.”