Property News > Many tenants rushed to secure new property prior to lockdown

Many tenants rushed to secure new property prior to lockdown

Early March saw a surge in renter demand, with many anticipating the government’s
decision to enforce lockdown measures across the UK.

Indeed, research from Goodlord points to a spike in the first week of the month while tenants were still willing and able to move, before activity became more subdued the following week.

Tenancy volumes currently sit at around 60% compared to this time last year.

Tom Mundy, chief operating officer at Goodlord, said: “It’s been an unprecedented month for the whole economy and the property market has been at the sharp end of the impact.

“But whilst we’ve seen a dramatic decline in the last ten days compared to 2019, the lettings market is and will continue to be needed.

“As tenancies expire and contract renewals are needed, agents will continue to play a crucial role in ensuring that this process can still be handled quickly and securely and the temporary changes to right to rent mean that can take place almost entirely remotely.

“While no one knows how long the current restrictions will last, we can be confident that a
sharp increase in demand will be recorded in the lettings markets as soon as measures are
loosened.”

The increased demand for tenancies in early March was reflected in the average cost of
renting a property, which increased over the month in all UK regions apart from the South
West.

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