The first fortnight in June has seen huge gains for the lettings market, with both new and completed applications surging above 2019 levels.
This marks a rapid bounce back for the rental market, with agents responding to months of pent up demand.
Demand for rental properties has steadily gained paced since 13th May, when restrictions on moving house were lifted.
The busiest day for new applications was 2nd June, when they hit 112% of the volumes recorded on the same day in 2019.
The busiest day for completed lets to date has been 10th June, when activity levels reached 124% of that recorded on the same day in 2019.
New applications now appear to have reached equilibrium, averaging 97% of 2019 levels over the last fortnight.
Since 1st June, completed lets have been running at an average of 94% of 2019 levels, with numbers increasing significantly since 7th June.
On each day between 7th June and 13th June, completed lets have remained higher than the 2019 average.
Tom Mundy, COO at Goodlord, commented:
“It’s been an incredibly busy few weeks for letting agents, landlords and tenants.
“They’ve risen admirably to the dual challenges of a surge in demand coupled with a totally new way of working and doing business.
“We are starting to see some much needed stability and consistency in the market.
“Alongside this, we’re seeing agents embrace new tools, processes and strategies to ensure lettings can continue safely across the UK.”
So much for all the doom and gloom spouted by media industry figures that Coronavirus would kill off sales and lettings. Business hadn’t gone away, it was put on hold. As I have said so many times before over the years, unless the ever growing population in this country stops needing a roof over their heads, the market will always be there in good times and in bad times … on hold.
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