The lettings market has bounced back remarkably since coronavirus restrictions were lifted on 13th May, latest data shows.
The first day of June saw new tenancy applications soar 111% above 2019 levels, and volumes of new tenancy applications have risen by over 82% compared to the activity levels seen in mid-April.
The national data, collected by lettings software provider Goodlord, reflects a welcome release of pent-up demand which has also been reflected at Letters in York.
Letters Managing Director Anya Mathewson said: “We have been inundated with enquiries since letting agencies were given the go ahead to open.
“Like other agencies, we are still operating under safe distancing regulations to keep our staff and clients safe, but our decision to help potential tenants by posting video walk-throughs of our properties has achieved a fantastic response.
“We let six properties on first viewing in the last 10 days and the extra interest and focus generated by our new YouTube video channel has undoubtedly played a role in that.”
Rental sector “keeping whole property industry afloat”
Goodlord reported that the number of new applications and completed lets spiked immediately in the two weeks after letting activity restrictions were eased. The busiest day so far was Monday 1st June, when new applications reached 111% of the volumes recorded on the same day in 2019. Completed applications remain at 70% of 2019 levels but continue to increase week on week.
Tom Mundy, COO of Goodlord said: “We predict a little more ebb and flow in the market as it works to find equilibrium, but it’s wonderful to see the industry springing back to life in this way. The rental sector will be keeping the whole property industry afloat over the coming months and possibly years.”
Region’s rents show 6% rise
Data for average rents in May gives a steadier picture than might be expected, according to the latest Goodlord Rental Index. There has been little change in the overall UK average rent, which now stands at £862.48, increasing very slightly from April’s average of £861.25.
May showed a 6% increase in the average monthly rent in the North East region, which now stands at £619. The age of the average renter in the region is now 33 and their income is £19,232 per year.