Following a two-month pause, the rental market has seen a resurgence in tenant demand, while a record number of buy-to-let landlords are requesting valuation appraisals, according to Knight Frank.
As far as demand is concerned, the weekly number of new prospective tenants was 40% above the five-year average and the second highest figure this year.
Meanwhile, the number of valuation appraisals for letting properties in the week ending 6 June was the highest number on record and 19% above the five-year average.
The rental market has rebounded more quickly than the sales market since restrictions were lifted.
According to Knight Frank, the number of viewings last week was 1% higher than the five-year average despite the fact social distancing rules remain in place. The equivalent figure for the sales market in London was down 26%.
Online views for letting properties last week were 33% higher than the five-year average compared to a 12% decline for sales.
Despite the increase, activity levels in the letting market have not returned to where they were during the second half of 2019 when demand was boosted by uncertainty in the sales market due to Brexit-related political volatility.
The three highest weeks on record for new prospective tenants registering were all in September last year.
“We expect demand to get even stronger when there is more certainty around how universities will be teaching their courses next year,” said Jon Reynolds, head of lettings at Knight Frank for the City, east and Riverside region in London. “Those announcements will make a huge difference and demand will be bolstered further as companies reactivate relocation plans that are currently on hold.”
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