As we come to the end of the second quarter of 2020 and reflect on an extraordinary three months – during which the lettings market was partially subdued before springing back to life – one of the easiest ways to assess performance is by looking at the numbers.
Below is a statistical snapshot of the lettings market, drawn from a variety of sources.
- 19% – is the rise above the five-year valuation appraisals average for lettings properties – the highest number on record – noted by Knight Frank in the week ending 6th June 2020. The agent said the London marked had rebounded in the four weeks since the property market re-opened, with the weekly number of new prospective tenants 40% above the five-year average – the second highest figure this year.
- 81% – the number of surveyors and agents polled by RICS who predicted increasing demand for properties with gardens or balconies, along with 74% who forecasted a rising desire for homes closer to green spaces.
- £30,000 – the maximum fine landlords, or property managers acting on their behalf, may have to pay if they breach new electrical safety standards. The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 came into force on 1st June 2020, and will apply to all new tenancies from 1st July 2020.
- 111% – was the percentage at which new tenancy applications rose above 2019 levels, as published by Goodlord. It also said new tenancy applications has risen by over 82%, when compared to activity levels seen in mid-April.
- 48% – how much above the pre-Covid 19 average Yomdel’s leads generated from landlord enquiries are, when comparing 2019 and 2020 data. The live chat provider also has tenant demand at 86% above the pre-Covid 19 average.
- 57% – the amount of rent due for the first quarter of 2020 that UK landlords collected by the end of that month, according to Remit Consulting. That figure at the same point last year was 90%. Landlords are being reminded that they must serve a Section 17 notice to tenants (or their guarantors), who have not paid their rent within 6 months of the debt falling due.
- 84% – the percentage by which student property investment activity in the UK has risen year-on-year, according to Savills. The agent also forecasts that 2020 will continue to see rising investment volumes, especially in new developments.
If your agency is being affected by any of the figures mentioned above, and you would like assistance to help your company grow, accommodate new business or meet challenges head on, contact ARPM today.
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