Almost two thirds of London renters (60%) are considering leaving the capital for the coast to seek cheaper living costs, according to the latest research by online lettings agent Mashroom.
The research was a survey compiled of those currently paying an average of £1,464 a month on accommodation. Of those surveyed, 41% said that living in London is no longer good value for money, whilst 85% of respondents urged employers to be more accepting of remote working.
In addition, 65% said they had a better work-life balance since working from home.
Brighton & Hove has proved to be the most popular destination for would-be relocators, with 30% naming it their top choice to move to. 1 in 5 (19%) have even said they would like to live in a beach house. Margate, Tunbridge Wells, Devon, and Cornwall also proved popular.
When asked about their post-COVID priorities, living a quieter lifestyle (43%), being by the seaside (42%), and better access to clean air (41%) topped the list. Others say they want to achieve a better work-life balance (35%) and be able to ‘switch off’ at the end of a working day (31%).
The survey revealed that 40% said they would leave London if it meant they could afford a property with some outside space. Over half said living outside of the city would make it easier to start a family (54%) and have a more active lifestyle (56%).
When it comes to the commute, Londoners spend an average of 42 minutes travelling to their office, but 68% said they would jump at the chance to live abroad if their work allowed. New York (10%), Amsterdam (8%), and Auckland (8%) topped the international destinations office-workers would be keen to move to.
Stepan Dobrovolskiy, chief executive at Mashroom, said: “As employers open up to remote working as the new way of life, millions of renters are reconsidering their living conditions. It’s no surprise so many are craving an escape to the coast or countryside, as London’s bright lights have dimmed over the past six months as restaurants, bars, and entertainment venues have been shut or operating at a limited capacity.”
“Our research suggests an influx of Londoners to some of the most idyllic spots in the UK, marking an exodus for the capital. Landlords could be set for a boom in business as more affordable housing makes for a much more enjoyable lifestyle.”
“London landlords will need to ensure value for money to entice renters to stay. Many landlords are locked into pricey management schemes, where the cost is passed on to the tenants. Mashroom has eliminated these, so it is a win-win for both parties.”