Lettings market ‘springs back’ as tenancy applications rise 11%

The rental market is bouncing back since reopening last month,with new daily applications as of June 1 surpassing the 2019 average for thefirst time since mid-March, Goodlord claims.

The lettings platform said the number of new applications for tenancies setup daily through its website increased 11% annually at the start of this week.

The number of daily completed applications for June is, however, down 30% on last year, Goodlord said.

New applications on a monthly basis were down 32% in May, while completions fell by 50%.

Goodlord said average rents across the UK rose slightly to £862.48 per month.

The largest increase was in the north east of England, up 6% to £619 per month,while the south east saw a 4% drop to £991.

Tom Mundy, chief operating officer at Goodlord, said: “The whole industry breathed a sigh of relief when the market reopened.

“Since then, it’s clear that agents have gone above and beyond to ensure lettings can move ahead safely and that demand for new tenancies can be handled effectively.

“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.

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

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