Lettings market activity rebounds

Ryan Fowler

June 10, 2020

The number of valuation appraisals for lettings properties in the week ending 6 June was the highest number on record and 19% above the five-year average, according to data from Knight Frank.

Demand has also spiked with the weekly number of new prospective tenants was 40% above the five-year average and the second-highest figure this year.

The number of viewings last week was 1% higher than the five-year average despite the fact social distancing rules remain in place.

Jon Reynolds, head of lettings at Knight Frank for the City, east and Riverside region in London, said: “We expect demand to get even stronger when there is more certainty around how universities will be teaching their courses next year.

“Those announcements will make a huge difference and demand will be bolstered further as companies reactivate relocation plans that are currently on hold.”

Despite the increase, activity levels in the lettings market haven’t returned to where they were during the second half of 2019 when demand was boosted by uncertainty in the sales market due to Brexit-related political volatility.

The three highest weeks on record for new prospective tenants registering were all in September last year.

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