Goodlord: Lettings activity shows resurgence following lockdown lift

Jessica Bird

June 3, 2020

lettings activity

The latest data from Goodlord shows a resurgence in lettings activity since restrictions around moving were lifted on 13 May.

The busiest day so far was Monday 1 June, when new applications reached 111% of the volumes recorded on the same day in 2019, while volumes of new tenancy applications rose by over 82% compared to mid-April.

As the market has picked up, the average cost of rent has held fairly steady, although void periods have understandably fluctuated.

Goodlord’s Lettings Activity Tracker found that during lockdown, market activity across the lettings sector dropped.

In mid-April, demand was operating at just 28% when compared to the same day in 2019, representing a decrease in activity of 70% for new and completed tenancies.

Completed applications remain at 70% of 2019 levels, but continue to increase week on week.

The Goodlord Rental Index showed little change in the overall UK average rent, which now stands at £862.48, increasing only slightly from April’s £861.25.

Slight increases in average rents were recorded in the East Midlands (3%), North East (6%), and Wales (3%).

However, the average cost of rent dropped by 2% in London and 4% in the South East.

Prices in the North West, South West, and the West Midlands held steady.

The average UK void period held steady at 23 days, but the East Midlands, Greater London, North East and South East all recorded increases.

Drops were recorded for the South West, Wales, and the West Midlands.

The age of the average renter increased from 32 to 33 years old, and the average salary of a UK renter also increased, from £24,525 to £25,068.

Tom Mundy, COO of Goodlord, said:“The whole industry breathed a sigh of relief on 13 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.

“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.”

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