News from The Estates Office
Business Update #15
The demand for rental properties has fallen by 42% since the start of March, as tenants are staying put amid the COVID-19 lockdown. Restrictions put in place by the UK government have made viewings and moving belongings near impossible, research from Zoopla has shown.
It is yet to become clear what the long term impact of the financial crisis, coupled with the Coronavirus outbreak, will be on the private rental market, however Zoopla’s analysis suggests the market will pick up once the restrictions are lifted, noting that the flexibility of the rental market is one of the key factors that will allow it to bounce back quicker that other parts of the property market.
The latter half of the year is generally a busier time for rental activity, which could coincide with looser restrictions, however it’s expected that even after this rebound the number of tenant moves would still be 25% lower than 2019.
Vacancies from The Estates Office
Business Update #15
The demand for rental properties has fallen by 42% since the start of March, as tenants are staying put amid the COVID-19 lockdown. Restrictions put in place by the UK government have made viewings and moving belongings near impossible, research from Zoopla has shown.
It is yet to become clear what the long term impact of the financial crisis, coupled with the Coronavirus outbreak, will be on the private rental market, however Zoopla’s analysis suggests the market will pick up once the restrictions are lifted, noting that the flexibility of the rental market is one of the key factors that will allow it to bounce back quicker that other parts of the property market.
The latter half of the year is generally a busier time for rental activity, which could coincide with looser restrictions, however it’s expected that even after this rebound the number of tenant moves would still be 25% lower than 2019.
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