We appreciate times have been challenging of late for landlords, investors and tenants. The lettings industry as a whole has struggled, and of course, many people’s individual finances have been placed under considerable stress and pressure.

We appreciate there is still a lot of work to do as we go forward. We also appreciate many people have concerns as to the long-term impact of COVID-19 on the rental industry, and the economy as a whole.

However, we are pleased to see there has been some positive news in the market. While there has been good news about demand and activity in the property market since it re-opened in mid-May, there has also figures recently released which will provide landlords with some cause for optimism in the rental market.

Cause for optimism in the rental market

Figures provided by Goodlord since the property and rental market re-opened on 13^th May indicate demand for rental property has been rising steadily.

Some of the highlights from the figures are as follows:

• New and completed applications in the first fortnight in June rose significantly beyond the 2019 figures

• 2^nd June was the busiest day for new applications

• The figures for 2^nd June were 112% of the volume recorded on the same day the previous year

• The busiest day for completed lets was 10^th June

• The figures for 10^th June reached 12% of the figures recorded on the same day in 2019

• New applications are close to reaching 2019 levels, standing at 97% of 2019 figures in the first two weeks of June

• In the opening two weeks of June, completed lets have run at 94% of 2019 levels

• Completed lets rose sharply after 7^th June, which means the monthly figures might be even higher

• For days between 7^th and 13^th June, completed lets were higher than the 2019 average

Tom Mundy is the COO at Goodlord, and he said; “It’s been an incredibly busy few weeks for letting agents, landlords and tenants. They’ve risen admirably to the dual challenges of a surge in demand coupled with a totally new way of working and doing business. We are starting to see some much-needed stability and consistency in the market. Alongside this, we’re seeing agents embrace new tools, processes and strategies to ensure lettings can continue safely across the UK.”

If you are looking for guidance and assistance in the local lettings market, we are on hand to help. We are following guidance, and we are staying in touch with local and national industry news. If you want to make an informed decision, make sure you call on an experienced agent.

As an experienced letting agent serving the Bridgwater community, and many of the surrounding areas, we are here to help. We promise to stay in touch with the latest technology, helping our clients to achieve more, and we aim to support the local community as best we can. If there is anything, we can assist you with; please contact Andrew Lees Lettings today.