The lettings market has bounced back from the coronavirus shutdown, with a huge month-on-month increase in properties let across York and beyond.
Yorkshire & Humberside saw 134.4% more properties let in June than in May, the first month letting agents were able to fully return to business. There were 65.4% more homes listed to let across the region during the same period, according to data released by estate agency board service Agency Express.
Letters Managing Director Anya Mathewson (pictured, right) welcomed the news, which she said was a conservative reflection of the resurgence of activity across the lettings market in York.
“June was an incredibly busy month for us, with lots of properties listed and many of them snapped up immediately,” she said. “We’ve had several new landlords entering the market, too, which is a good sign that the lettings industry is thriving again in York.”
Ben Brookes, Managing Director of Agency Express said: “The UK lettings market has really started to ramp up. The levels of activity have been better than our expectations and daily instructions continue to increase.
“In light of the recent stamp duty holiday, we are also hoping that buy to let landlords will take advantage of the reduced rates, which in turn will inject more activity in the ever demanding market.”
Lettings ‘significantly higher’
Data gathered by lettings software provider Goodlord also showed that lettings market activity throughout June was significantly higher than recorded at the same time last year.
It said that as a result, rental costs are rising in the majority of regions and void periods are coming down, as tenants compete for new properties and the industry continues to see unprecedented demand after months of inactivity.
Goodlord’s Lettings Activity Tracker reported that the number of completed lets stayed above 2019 averages for all but six days of June. The busiest day was Wednesday 10th June, when the number of completed lets was 24% higher than the same day in 2019.
Overall, the average cost of rent has risen by an average of 3% across the eight UK regions monitored. The age of the average renter is now 32 and their average salary is £24,613.