Home hunters are increasingly turning to ‘all-inclusive package’ properties that put a ceiling on bills, it has emerged.
As the nation attempts to diffuse the volatility of the economic climate, new research analysing website search data of home-movers reveals that the nation’s renters are looking for improved financial certainty from their next property.
Turning to solutions that offer fixed monthly outgoings, demand for ‘bills-included’ homes have risen 28 per cent year on year, according to website search data of over 700,000 users of rental app Movebubble.
The Home Walkthroughs video app noticed the most sizable spike in the trend between 23 March, the beginning of lockdown, to the week ending July 27 – witnessing a 101 per cent rise in searches for homes where utilities such as electricity, gas, water and wifi are included in the monthly rent.
Chief executive of Movebubble Aidan Rushby said: “When you think of all-inclusive it conjures up luxury holidays, unlimited cocktails and everything taken care of, but the savvier amongst us are looking closer to home.
“The coronavirus crisis has affected thousands of people’s jobs and pay. And with people rightly watchful of their finances many Britons have been unable to holiday abroad this summer.
“As a result, it’s interesting to see the concept of all-inclusive rental packages emerge as a trend within the property sector as home-movers increasingly seek solace in nurturing financial certainty in an uncertain world.”
According to Movebubble’s internal data, Tower Hamlets, Wembley and Bayswater in London, together with Salford and Longsight in Manchester top the list for the most in-demand places to live offering all-inclusive package properties.
The analysis also revealed searches for ‘bills inclusive’ are more prevalent in one bedroom and studio homes – indicating a need for greater security than in larger house shares or family homes.
Aidan Rushby, CEO of Movebubble, continued: “Many of us can empathise with the adage, ‘there’s always too much month left at the end of the money’, so having the certainty of paying a fixed amount of rent at the beginning of each month can be an easier way to manage your finances.”
“2020 has been a turbulent and unpredictable year – meaning many of us are looking to get our finances in order by creating some stability. Especially in terms of outgoings.
“Bills not only represent the second biggest expense when it comes to renting, they can also be a time vampire.
“Searching around for the best ‘dual fuel’ tariffs and hounding that one flatmate every month for their share of the gas or water bill, is never fun.
“So having the peace of mind that utility payments are under control can really offer tenants convenience and valuable peace of mind.”
“Convenience is definitely one of the most important factors for today’s renters, which is why we also introduced our virtual ‘Home Walkthroughs’ feature this year, allowing renters to view a potential new home room-by-room, without even having to go there.”