Life in London can be hectic. You work a full day somewhere in the city, then there is the Tube crush getting home or drinks with your friends and colleagues. Not to mention the weekly race to yoga or spin as soon as the clock hits 5.30pm. Once you're home there’s just enough time for a bit of Bake Off and a microwave meal. So it’s no wonder the fast pace of the capital is driving more and more people to escape to the country (or at least somewhere outside the M25) for a slower pace of life.
We know what you’re probably thinking. Commuting into the city from the suburbs is nothing new! But these are no ordinary commuters. These are weekend commuters – people who live part time in London and move out as soon as Friday arrives. And the two-home trend of having a country pile and a city pad is on the rise according to new reports. It’s thought that the increasingly high energy lifestyle in London combined with a steep rise in property prices has led many people to look for alternative lifestyles, particularly as they get older. Mark Heminsley works on Fleet Street and rents an apartment during the week in London, but leaves the city on a Friday to return to his house in Berkshire where his wife and two children are waiting. He told us: “It just works. I have to put in long hours Monday to Friday. Being close to the office means I can focus on getting the job done and I’m not wasting time with a long train journey. Then it all pays off because I can really switch off at weekends and retreat to my retreat! It’s not exactly fun being away from the family Monday to Friday but we get to spend quality time together with all that the countryside can offer at weekends. Everyone wins.”
This trend is being seen across the city, with Outlet seeing a rise in the demand for short lets, often taken up by people coming to London for work. You can find out more about that service here.
So as the Monday to Friday London lifestyle takes hold, is this something that landlords could benefit from? Although you might think rents would go down if properties are not occupied at weekends, people are often prepared to pay for the convenience of having a property available to them all week, including Saturdays and Sundays. In some cases, businesses will also cover the rents for their employees to work and live in the city during the week, which means rent payments can be more secure. Although with Outlet’s rent payment guarantee as part of our management service, you’d never find yourself out of pocket.
At Outlet we've got a whole range of services for landlords, including letting tips, a guide to the property letting process and even a rental guarantee. For more details on our Property Management services, click here.