A recent poll of over 1,000 SpareRoom users revealed that over half (53%) put off moving due to the pandemic, with 40% claiming they did not feel safe.
Some 31% of people believed things were too uncertain to plan ahead for a move, while 18% were furloughed or lost their job – halting their home moving dreams.
Other off-putting reasons for people refusing to move include:
Moving didn’t feel safe – 40%
Things were too uncertain to plan ahead – 31%
I lost my job/was furloughed – 18%
I didn’t want to go to viewings – 5%
Other – 4%
My landlord reduced the rent – 2%
However, of those who were put off moving, half (54%) now plan to move within the next 6 months and a quarter (24%) plan to move in the next year – indicating confidence is rising and the market is starting to pick up again now restrictions are easing.
Not everyone feels this way though. Some 14% of those who put off moving still don’t feel safe to make this step yet.
Matt Hutchinson, director of SpareRoom, comments: “The pandemic has definitely put a lot of people’s moving plans on hold. For some, this is due to health concerns and for others down to the financial implications the pandemic had on their lives.”
“However, as the UK restrictions continue to ease, and we can finally see light at the end of the tunnel, people are planning ahead again.
He adds: “We expect to see demand increase this quarter, but rents may take a little longer to recover. It will be interesting to see what happens over the coming months.”
This post has originally been featured in Property Investor Today.