Despite the pandemic, London still remains the most popular place to rent in the UK. While the demand for sales property has weakened along with a drop in rental demand in the wake of coronavirus, the rental market bounced back with 30% demand. With rental markets being more dynamic, the uncertainty means that any mover will look for their housing needs to be met by turning to rental property.
As a company, we felt the decline in interest from the London renter with enquiries at an all time low at the end of March. However, with the help of technology and being able to accommodate virtual viewings and video tours, we see an increase in activity towards the end of April. At each point of restriction lifting we have seen more interest is coming in, slowly but surely.
With more businesses opening this only means more people are returning to work with a stable 100% income. Along with more easing of restrictions and lockdown coming to and end, hopefully Londoners can confidently return to work without relying on Government Financial Support schemes. Bearing the above in mind, coming to the end of July, I am sure the rental market will have a full recovery with its usual summer activity!
Source Director