With the Property Market having been re-opened for just over a month now (since May 13th), estate agents across the country are seeing an all-time high in Lettings figures. In fact, according to data collected by London-based Knight Frank, valuations for Lettings properties during W/C June 1st was up 19% from the five-year average, and new prospective tenants by 40%.
Following eight weeks of little to no activity in the industry, it would seem the Lettings Market has rebounded quicker than anyone had anticipated, even surpassing the Sales Market. With this, despite the strict social distancing guidelines in place, viewings have actually risen by 1% compared to the past five years. Furthermore, web views on Lettings properties had also risen by a considerable 33%.
Whilst these numbers are undoubtedly high, they remain to be lower compared to those seen toward the back end of 2019 when Brexit caused uncertainty in the Sales Market. Regardless of this, the numbers show incredible promise for the market and reflect exactly what we have seen at Poole Townsend since Lockdown restrictions eased.
Our Senior Lettings Coordinator, Louise Reed, shared: “We are currently experiencing the fastest turn over in rental properties that we have seen for some time, I urge all prospective landlords or landlords who have empty properties to get in touch, we have tenants waiting”.
Are you looking to let your property? Our team of local experts are able to offer you the very best advice and support every step of the way. Visit our Lettings page to learn more.