Rental Activity Props Up Property Market
Recent activity in the private rental market shows there is a distinct possibility of recovering faster than the sales market.
The latest online lettings platform’s Lettings Activity Tracker during May and the beginning of June, states there has been an amazing rebound for the rental market in spite of a major fall in March and April.
On June 1st new tenant applications was higher than 2019 levels as it achieved 111%, with an 82% rise compared with the new application activity levels in mid – April.
However completed applications are currently 70% of levels achieved in 2019 but they are consistently increasing week on week.
A spokesperson said: “The whole industry breathed a sigh of relief on 13th May. Since then, it’s clear that agents have gone above and beyond to ensure lettings can move ahead safely and that demand for new tenancies can be handled effectively.”
The average monthly rent is now £862.48 and should remain the same due to the market’s greater stability; it is very slightly higher than April’s £861.25.
The East Midlands, North East, and Wales had the best growth in average rents with all experiencing a slight increase.
The North West, South West, and the West Midlands average rent remained stable; however London and the South East underwent a fall.
The average UK average void period remained the same at 23 days; however there were major disparities between the regions.
The East Midlands, Greater London, North East and South East all experienced longer void periods, but the South West, Wales, and the West Midlands all had a drop in void periods, with some areas recovering quicker.
The spokesperson added: “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.”