Lettings Market During The Lockdown
posted on: 6th May 2020 / category: Uncategorised / posted by: Smart-Pads
The rental market is now operating at around 50% of its capacity, according to recent lettings data.
Smart Pads are working with landlords and property investors across the UK who have portfolio’s in the Middlesbrough and wider Teesside area. From the information available to the team, the number of new tenancies has dropped by 50% during April.
The reduction in new tenancies was at the start of the month in the run up to Easter but despite the current pandemic, the rental market is starting to level out with more applications being completed for vacant properties. This is especially evident across Teesside and especially Middlesbrough.
The drop in new tenancies has led to an increase in void periods for landlords, up from 18 days in March to 23 in April.
The lack of activity has also led to average rents across the UK declining by 2% on a monthly basis during April, from £878 to £861 per month.
Wales and the West Midlands had seen the largest drop, with both regions recording decreases of 6%.
Average rents in London were down 2.3% to £1,608, while the South East and the East Midlands both recorded 1% increases.
There is some positive news to be taken from the current situation, which is that recent data over the last week shows a new level of consistency in market demand for rental properties.
Smart Pads are among the leading agents in the industry and are able to plan ahead and can ensure their strategies adapt to the new normal of social distancing, we will therefore be in a strong position to capitalise on the emerging surge in demand.