Zoopla’s quarterly Rental Market Report shows that landlords are still committed to their long-term strategies despite the ongoing COVID-19 crisis, according to rental payment platform PayProp.
The report found that rental demand had resurged by 30% since 14 April, following an initial decline of 57% in the two weeks to 30 March.
Neil Cobbold (pictured), chief sales officer at PayProp, said: “The bounce in rental demand after an initial drop-off shows that renters are starting to look at moving options for when the lockdown period ends.
“While it’s positive to see that there has been no mass withdrawal of properties by landlords, the pause on sales and lettings activity may simply mean they don’t have many other options.
“In light of this, measures like the Coronavirus Job Retention Scheme will be essential to ensure that landlords can continue to receive rent despite the financial pressures caused by the coronavirus pandemic.”
Cobbold went on to explain that Zoopla’s predictions for the 2020 property market would mean increased pressure for letting agencies to support landlords.
He said: “The predicted 25% fall in rental moves this year means letting agencies will need to focus on helping their landlords to manage long-term lets and retain good tenants.
“Part of this might involve interceding to ensure continued payment whilst keeping an eye on affordability.
“Zoopla’s barometer of activity shows that there is still plenty of work for letting agencies to do while the market is effectively on hold.
“This includes managing rental payments and temporary changes to payment schedules, as well as working with landlords to prepare for tenancy changeovers when restrictions on movement are lifted.”