The announcement of the property and rental market reopening caught many by surprise. Many industry experts believed it would be June before the Government gave the market the green-light. However, even if the swift announcement caught many tenants and landlords by surprise, it appears as though there has been considerable demand for rental property.
This shouldn’t come as a surprise. After a few weeks of lockdown, many industry experts were predicting there was a level of pent-up demand. If people were spending a lot of time at home, it was likely many would start to plan their next move, even if circumstances were against them moving quickly.
This is likely to be the case for some time. Even though the market is open, not everyone is in a position to move. At Just Lets Peterborough, we are pleased to offer whatever support you need. If you are in a position to move soon, let us know, and if you want to wait until there is more clarity in the market, that is okay too.
Industry experts predicted people would be keen to move
One of the leading organisations which predicted there would be pent-up demand in the rental industry was ARLA Propertymark. This is one of the top institutions in the UK rental market, and when they talk, people listen.
The CEO of the organisation, David Cox, was speaking recently on a webinar to 1,000 industry professionals. Cox said; “There’s clearly a massive amount of pent-up demand in the market. Our message is just put everything on pause – don’t cancel it. The first Friday out of lockdown is probably going to be one of the biggest moving days in the lettings industry’s history.”
This has been backed by figures from Rightmove who said the number of unique enquiries was at the highest level for a single day since September 2019.
Rightmove’s housing market expert Miles Shipside commented: “These are clear signs that the news from the government has prompted more home-hunters to start looking for their next home, and we anticipate further uplift in activity once agents have time to adjust to the new social distancing guidance specific to the home moving sector.”
Landlords are placing property onto the rental market
There is also an indication that the supply of rental property has soared since restrictions were lifted. Analysis by Howsy indicates rental market supply has increased by as much as 44% in some places in the UK.
Howsy Chief Executive Callum Brannan, said; “Many in the rental sector will be breathing a sigh of relief with such immediate green shoots of market activity returning to a number of cities following an ease in lockdown market restrictions. Other pockets of the market will take longer to see this positive trend emerge as agents and landlords find their feet operationally.”
Whatever your current circumstances are, or what move you are looking to make next, contact us, and we will help.
We’re here to assist you
If you are a landlord in or around Peterborough, and you need assistance in finding your ideal tenant, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.