Agents, landlords and tenants across the UK have responded to months of pent-up demand since restrictions were lifted on 13th May, helping the private rental market achieve levels of activity not seen since pre-pandemic days.
This surge reached a peak on 2nd June, which was the busiest day for new tenancy applications, hitting 112% of the volumes recorded on the same day in 2019. Tenancy application are counted as renters who have offers accepted by landlords and then proceed to contracts and referencing.
Agents had their busiest day for completed lets on 10th June, when activity levels reached 124% of those recorded on the same day a year ago.
According to data from online lettings platform Goodlord, new applications now appear to have flattened out, averaging 97% of 2019 levels over the last fortnight.
Its Lettings Activity Tracker reveals that since 1st June, completed lets have been running at an average of 94% of 2019 levels, with numbers increasing significantly since 7th June.
On each day between 7th June and 13th June, completed lets were higher than the 2019 average.
Tom Mundy, COO at Goodlord, says it’s been an incredibly busy few weeks for letting agents, landlords and tenants.
He adds: “They’ve risen admirably to the dual challenges of a surge in demand coupled with a totally new way of working and doing business.
“We are starting to see some much-needed stability and consistency in the market. Alongside this, we’re seeing agents embrace new tools, processes and strategies to ensure lettings can continue safely across the UK.”