Tenancies are on the rise
Finally, some good news within the lettings industry, new tenancies appear to have bounced back to pre-pandemic levels. The DPS have recorded data that suggests the market is almost back to its pre-pandemic level of activity. This is a far cry from the last 4 months that witnessed the entire market (and world) freeze during lockdown. Like with many industries, the lettings world turned upside down, but there is light at the end of the tunnel.
New Tenancies
New tenancies registered with The DPS halved in March and April to just over 32,000. However, June saw a swift recovery of just under 56,000 registrations as lockdown measures eased. It seems the ‘Emergency Measures in the Public Interest (Covid-19) Act 2020’ helped bolster the industry through the pandemic. This temporary law prohibited residential rent increases and landlords from terminating residential tenancies during the COVID-19 crisis. The average rent for a UK property increased during March, reflecting the demand for tenancies during the first half of the month. But, as lockdown was announced, the market froze, and everyone sat tight waiting to hear when they could move. It was predicted that an increase in demand would happen as measures were loosened, and these predictions came true. Now, the economy is back on the move, and so it seems are tenants!
The New normal
Now we have started to adjust to the ‘new normal’ there has been a new digital wave of socially distanced viewings. Where tenants were happy to view a handful of properties in one day, these are now being held via an online guided tour. This doesn’t seem to have deterred anyone though as the numbers of new properties rented are steadily increasing. The lettings industry has been able to pivot and change course to enable a new way of renting a property, a way that not only saves time but more importantly money.
There is no doubt the pandemic has altered out everyday lives. But the way in which the property industry has responded has helped to hold the industry, and the economy together.
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