The UK saw a 4.1% decline in online property market activity from November 2019 to April 2020, the eighth largest decline out of 28 European countries, according to research by Spotahome
Across the period from November 2019 to April 2020, the UK saw a 4.1% decline in online property market activity, the eighth largest decline out of 28 European countries, according to research by international rental marketplace Spotahome.
The rankings map the average monthly change in total visits and engagement during the period.
In contrast, Austria (7.8%), Finland (7.8%) and Sweden (7.4%) saw the highest average monthly increase in online property market activity.
Lowest on the list was Greece, with a 7.2% decline in online property market activity between November 2019 and April 2020.
The analysis found that the UK has the sixth highest proportion of renters, at 34.9% of the population.
Using rental stock figures from Rightmove and Zoopla, Spotahome found that across the UK, the total number of rental listings in May was 101,013.
Jack Kuecker, director for UK and Ireland at Spotahome, said: It’s interesting to see how the severity of the current pandemic has impacted property market sentiment across Europe. This is, of course, influenced by the varying levels of lockdown restrictions, with some nations maintaining a business as usual stance while others have ceased market activity completely.
The good news is the most recent market indicators suggest the UK market is set for a swift comeback, Kuecker said. We’ve already seen a sustained level of activity across our platform for the duration of the UK lockdown; both domestic and international tenants are keen to find rental properties.
In the current climate, tenants are embracing the additional sense of safety that comes with contactless viewings as it allows them to progress with their search without visiting the property, Kuecker said.
This is already something that the latest generation of renters are becoming accustomed to and for future generations, a shift towards 100% digital renting could quite easily become the new norm, he said.
Our foundation as a business has always facilitated a completely digital approach to renting. However, it’s highly likely that the events of the last few months will now act as a catalyst within the property sector, accelerating the digitalisation seen over previous years and evolving industry practices to operate on an almost completely digital basis, he said.
The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
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.
Please remember that investments of any type 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.