Good news as lettings show “remarkable bounce back”

PropTech firm Goodlord says there’s been “a remarkable bounce back” in the lettings sector since the market resumed.

It’s been three weeks since the government eased lettings and sales restrictions and Goodlord says the first day of June saw new tenancies applications soar above 2019 levels by no less than 111 per cent.

Volumes of new tenancy applications have now risen by over 82 per cent compared to the activity levels seen in mid-April. 

Completed applications remain at 70 per cent of 2019 levels, but continue to increase week on week. 

As the market has picked up, the average cost of rent has held fairly steady, although void periods have fluctuated. 

Data for average rents in May show a steadier picture than might be expected, Goodlord says. 

There’s been little change in the overall UK average cost of rent, which now stands at £862.48, increasing slightly from April’s average of £861.25. 

Slight increases in average rents were recorded in the East Midlands, North East and Wales.

However, the average cost of rent dropped by two per cent in the capital and by four per cent in the South East. 

Prices in the North West, South West, and the West Midlands held steady. 

The average UK void period held steady at 23 days, but there was a significant amount of  change within the regions themselves.

The East Midlands, Greater London, North East and South East all recorded increases in void periods. Whereas drops were recorded for the South West, Wales, and the West Midlands as the pace of market recovery was felt more keenly in some areas. 

The age of the average renter increased from 32 to 33 years old. And the average salary of a UK renter also increased; from £24,525 to £25,068.