Despite global economic volatility, the UK continues to have a very active relocation market and this year we have seen consistently strong numbers of enquiries from a diverse range of sectors including oil and gas, telecommunications, finance, consumer goods, multinational manufacturers and entertainment. This suggests that the UK is viewed by companies as a key location in which to base members of their workforce. 

While the length of postings hasn't significantly altered – most are around three years – budgets have. In fact, we’ve seen budgets across all sectors rise by around 10% compared to this time last year, reflecting the uplift in prime rents within the capital and commuter towns.

Lifestyle and location

In the immediate post-pandemic period, some of the wider market trends played out across corporate relocations too, with outdoor space being a major feature in people’s search criteria. While this remains an important factor, local lifestyle is definitely taking precedence. Additionally, this year there also seems to be more emphasis being placed on straightforward accessibility to the workplace, perhaps due to an increase in the number of days that people plan to be in the office.

Viewings

During the pandemic, virtual viewings formed a key part of the process for tenants who were unable to view in person but today, these have largely fallen away. Most applicants relocating to the UK will either visit for a week to do a tour of properties, or will have a relocation agent based here who’ll attend on their behalf.

Key drivers

One aspect that has returned post-pandemic is seasonality, something which fell away during Covid as a result of travel restrictions. Once international travel was permitted, we saw a surge in demand and that continued when things opened up again fully. Only now are we seeing a return to a more seasonal market, with summer being extremely busy for family relocations. Those with children continue to be driven by education, with places such as Richmond and Ealing being popular for the German and Japanese schools respectively, as well as Elmbridge in Surrey for the ACS International School. Most tenants will concentrate their searches within a tight radius of the school, and a shortage of stock means that they come up against others seeking turnkey family rental homes, too. 

The opportunity to relocate somewhere new has long been a way for employers to attract talent, and the activity we’ve seen so far suggests that this continues to be an exciting prospect for workers looking for a new chapter in the work and home lives.

Further information

Contact Matthew Salvidge