Lettings market flexes muscles in June - Mortgage Strategy

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Tenancy activity is now running at levels witnessed in 2019, Goodlord says, noting that new applications since 1 June averaged 97 per cent of those recorded last year.

Over the same time period, the average level for completed lets has been at 94 per cent of last year’s.

Tenancy completions ballooned soon after the easing of lockdown on 13 May and have continued to do so in June: on 10 June, activity hit 124 per cent over that of the same day last year and on 2 June, new application volumes were 112 per cent of those seen last year.

Both of the above days were the busiest since the rental market reopened.

And from 7 June to 13 June, Goodlord adds, the rate of completed lets were higher than the 2019 average every day.

“It’s been an incredibly busy few weeks for letting agents, landlords and tenants,” says chief operating officer Tom Mundy.

“They’ve risen admirably to the dual challenges of a surge in demand coupled with a totally new way of working and doing business. We are starting to see some much-needed stability and consistency in the market.

“Alongside this, we’re seeing agents embrace new tools, processes and strategies to ensure lettings can continue safely across the UK,” he concludes.


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