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TODAY'S OTHER NEWS

Market snapshot: 'remarkable bounce back in lettings activity'

The UK lettings market has experienced a 'remarkable bounce back' in activity since reopening on May 13, according to Goodlord.

Its data shows that the number of new tenancy applications has now risen by over 82% compared to mid-April.

Earlier this week, on Monday June 1, it reports that applications soared to 111% of the figure recorded on the same day last year. Completed applications remain at 70% of 2019 levels, but continue to increase week-on-week.

In the height of lockdown in mid-April, lettings activity was operating at just 28% of the level recorded during the same period in 2019. This represented a 70% drop in new and completed tenancies.

Since the market has reopened, average rents have remained steady while void periods continue to fluctuate.

Goodlord reports the average UK rent now standing at £862.48 per month, rising slightly from the £861.25 recorded in April.

Since April, the average rent has increased in the East Midlands (3%), North East (6%) and Wales (3%), dropping in the capital (2%) and the South East (4%). Prices in other regions remained steady.

The data puts the average national void period at 23 days. Regionally, the length of typical voids increased in the East Midlands, Greater London, the North East and the South East.

Meanwhile, the length of void period dropped in the South West, Wales and the West Midlands.

Goodlord calculates that the average UK renter is 33 years old with an annual salary of £25,068.

"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," comments Tom Mundy, chief operating officer at Goodlord.

"The rental sector will be keeping the whole property industry afloat over the coming months and possibly years."

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