Rental market will be first and fastest to recover after lockdown, says upbeat Savills
Company’s lettings boss says her teams are already seeing a significant influx of tenant demand as many people prepare to move home ahead of an expected lockdown loosening announcement this weekend.
Upmarket estate agency Savills has claimed that the private rental market will be the first and fastest to recover after the lockdown is relaxed and people are allowed to move home once more.
The prediction is made by the company’s Head of UK Lettings Jane Cronwright-Brown (pictured), who claims that there is significant levels of pent-up demand within the frozen lettings market.
“By the very nature of the business, and because we can move someone in within three to five days if all the paperwork is lined up quickly enough, the rental market will pick up fastest,” she says.
“As soon as the lock down is lifted and non-essential moves are allowed, then a lot of the deals we have already agreed will be brought forward.”
Cronwright-Brown says her teams have also seen a large influx of applicants wanting to view properties, and consequently the number of virtual viewings being completed has risen significantly in recent weeks.
“But obviously they will need to see the properties in the flesh before moving in,” she adds.
Lucian Cook, the agency’s Head of UK Residential Research, says any the recovery will follow a significant reduction in rental stock and applicant numbers since Coronavirus hit the UK in mid-March.
For example, the number of tenants applying for rental property with Savills is currently 60% down on last year’s levels, although over the past two weeks market activity has picked up again as many people anticipate the easing of Coronavirus lockdown rules.