Thursday, October 1, 2020
Real EstateUK

Number of UK rental valuations highest on record

UK rental

The number of valuation appraisals for rental properties was 19% higher than the five-year average, according to Knight Frank

The number of valuation appraisals for rental properties in the previous week was the highest on record and 19% higher than the five-year average, according to Knight Frank.

Demand for viewings of rental properties in London has rebounded sharply since lockdown restrictions eased on May 13 and is surpassing demand from potential buyers looking to view homes.

The number of viewings in the week ending June 6 was 1% higher than the five-year average despite social distancing rules.

However, viewings in the sales market were down by 26% on the five-year average.

The number of new potential tenants registering with agents on a weekly basis was 40% above the five-year average and the second-highest figure this year.

Online viewings for lettings properties were 33% higher than the five-year average during the last week, whereas there was a 12% decline for sales.

However, activity levels in the lettings market have not returned to the levels they were at in the second half of 2019 when demand was boosted by uncertainty in the sales market due to the volatility related to the Brexit crisis.

The number of new prospective tenants registering with agents on a weekly basis was highest in September last year.

Knight Frank head of lettings for London’s City, east and Riverside regions Jon Reynolds says: We expect demand to get even stronger when there is more certainty around how universities will be teaching their courses next year.

Those announcements will make a huge difference, and demand will be bolstered further as companies reactivate relocation plans that are currently on hold.

Important:
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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