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Bright lights & late nights are back

by ARPM

The lettings market usually experiences some of its strongest demand in city centre locations, powered by working professionals and students, but the pandemic did remove some of the urban shine. Now one piece of research is showing that the allure of city locations is returning.

Agent JLL says that while families may still hunt down properties with gardens in the suburbs, 20-somethings are heading back for the city centre buzz – especially as we head towards 19th July, more of our younger generations receiving both doses of the vaccine, and greater freedoms in our pubs, bars, clubs and restaurants.

The agent’s monitoring of the developing property market shows a rising demand for homes in major cities, with an expectation for strong rental growth in London and elsewhere across the UK in the coming 12 months. The opening of Crossrail 2022 is back on the agenda – an aspect adding appeal in the capital city – while generous major regeneration schemes in cities outside of London will forge ahead to fuel the ‘levelling up’ agenda in the North and Midlands.

JLL’s findings come in the same week that Knight Frank noted increased activity in London’s prime lettings market. The agent has reported that the number of new prospective tenants and the number of viewings reached the highest level on record this June, with uplift in the corporate relocation market an especially good indicator of the sector’s health.

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