Jobseekers around the world are setting their sights on roles overseas, once again.
With international business travel now back on its feet and all country borders now reopened, the joyous ‘pre-pandemic’ assignee lifestyle is slowly, but surely, returning to normal.
However, for employees looking to embark on a new assignment overseas, the mobility landscape has shifted quite considerably – particularly the assignee housing market.
In our latest blog series, we gathered insights from global mobility and housing experts around the world to explore the state of assignee housing in 2023 – and the key trends causing difficulties in this space.
In this blog, we explore the vast number of challenges for new assignees relocating to the UK, and how a progressively worsening market is striking an imbalance between supply and demand.
Countrywide supply issues
The number of tenants compared to rental properties available in the UK is at an all-time-high.
In fact, the ratio is almost quadruple the number of tenants to rental properties, meaning that for assignees in search of housing in the UK, the hunt often results in a cycle of disappointment.
This should come as no surprise when it comes to the country’s capital, London, where a vast majority of assignees will be looking to relocate, and properties have long been hard to come by and leased at astronomical rates. But it is also something we are seeing across the entire country, in other cities, such as Manchester, Leads and Glasgow. According to property website Zoopla, the number of houses available on the UK rental market have dropped by a third in the period between September 2021 and March 2023.