Goodlord: Renters are rushing to secure properties
Renters are rushing to secure properties in light of the coronavirus pandemic, according to Goodlord.
Data collected by the firm shows a steep decline in the number of new tenancies being processed, however it also shows a surge in the volume of renters looking to secure a property.
The average rent for a UK property increased in March, which Goodlord believes reflects the surge in demand for tenancies.
Wales noted the greatest average rise, up 5%, which was followed by the West Midlands at 4%.
In contrast the South West saw a 1% drop in average rental costs, the only decrease recorded during March.
Meanwhile the average void period for the UK as a whole reduced from 19 to 17 days on average, due to the number of contract completions ahead of the lock down, the data shows.
The East Midlands and the North East both recorded a six-day reduction in average void periods, to 21 days and 18 days, respectively.
In contrast, London saw an increase in void period from 10 to 14 days.
Tom Mundy, chief operating officer at Goodlord, said: “It’s been an unprecedented month for the whole economy and the property market has been at the sharp end of the impact.
“But whilst we’ve seen a dramatic decline in the last ten days compared to 2019, the lettings market is and will continue to be needed.
“As tenancies expire and contract renewals are needed, agents will continue to play a crucial role in ensuring that this process can still be handled quickly and securely and the temporary changes to right to rent mean that can take place almost entirely remotely.
“While no one knows how long the current restrictions will last, we can be confident that a sharp increase in demand will be recorded in the lettings markets as soon as measures are loosened.”