Many young professionals during the height of the Covid-19 pandemic headed away from the city back to family suburban homes (which had more space) to spend time with friends and family members.
Now there are signs that they are starting to head back into cities again. Green shoots of rival showing a fast bounce back and proving that the city centre isn’t dead!!
With life coming back to near normal and companies asking workers to return to the office, people are now returning, and this is creating a surge in demand for city apartments and therefore in turn increases rent prices.
The Property Reporter has reported that ‘Across Britain, rents are rising at the fastest rate ever recorded by Rightmove, now up 8.6% annually outside London, and the capital is finally showing signs of growth, with rents up by 2.7% on a year ago
In Birmingham city centre rents fell by 5% between February 2020 and February 2021, but by September this year, the increased demand helped them to grow to 10% higher than pre-pandemic levels.
It is a similar picture in Nottingham city centre where rents fell 2%, and have now grown to 11% higher than before the pandemic’
Our Director Chris Browne stated
“It’s reassuring and yet surprising how quickly demand has come back as employers are asking their workers to come back into the office for at least two or three days a week”
The team at here at Horizon are all surprised how quickly our city centres have bounced back in terms of demand especially considering how much we noticed the demand drop in Sheffield and other city centres.
This is an exciting time again to be in property investment. We are seeing a strong demand for apartments in city centres in Sheffield and around Yorkshire.
Please do get in touch with us if you are looking at investing back in the city centre again or if you haven’t considered it before via 0333 577 2118 or email hello@horizonlets.com
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