Country Lettings Market Stronger Than London
New data released by franchise agency Winkworth showed that the rental market so far this year has been divided between house and flat demand, with houses in the country lettings market leading the way, while London rentals suffered from the pandemic.
A trading statement from Winkworth reveals that an absence of international workers, students, and young professional sharers hit the London rental market, although it says demand recovered as the first half of 2021 progressed and people started to prepare for the return to work.
“While rents in the country lettings market grew significantly, those in London remained behind pre-pandemic levels, albeit with early signs of a recovery towards the end of H1” says the statement.
On the sale side, Winkworth says it enjoyed a record month of completions in March 2021, prior to the extension of the stamp duty holiday, and in June 2021, with sales revenue over the first half of 2021 outstripping the whole of 2020.
Peak activity was focused on the country markets, where the desire to move away from city centres played its biggest part.
In H1 2021, gross revenues of the franchised office network of £36.4m were up by 92 per cent on the same period of 2020.
Sales income rose by 195 per cent and lettings and management rose by 11 per cent to £11.8m – equating to a 32 per cent lettings and management / 68 per cent sales income split across the business at the half year.