Rental Market Said To Have Pent-Up Demand

Now that the rental market is back in operation, it is no surprise to see many landlords and tenants have engaged in the market. Data provided by Rightmove and Zoopla indicates there has been a lot of interest shown the market.

It is no surprise that many tenants have expressed a willingness to move, but it is pleasing that many areas have experienced an increase in rental listings. Many landlords are taking the opportunity to enter the marketplace, and anyone looking for assistance in making their next move should contact us for guidance.

There are many reasons for people to move home

While there wasn’t much advance notice of the market re-opening, many industry experts predicted there would be sizable demand when people were allowed to move again.

Speaking on a webinar to 1,000 industry professionals, the Chief Executive for ARLA Propertymark, David Cox, said; “There’s clearly a massive amount of pent-up demand in the market. Our message is just put everything on pause - don’t cancel it. The first Friday out of lockdown is probably going to be one of the biggest moving days in the lettings industry’s history.”

The market re-opened on a Wednesday, and Rightmove’s figures indicated it was the busiest day for tenants expressing an interest in moving for a number of years.

While it is pleasing to see there is a level of pent-up demand being realised, everyone must move forward cautiously. There is a need to adhere to social distancing measures, and tenants and landlords need to work together.

There is optimism moving forward

A joint statement from two of the leading names and organisations in the industry indicates there is relief about the market moving forward, but there is an acknowledgment there are concerns.

David Cox, chief executive of ARLA Propertymark and Mark Hayward, chief executive of NAEA Propertymark reads: “It’s great news for consumers and the industry that the housing market is being opened up and people can let, rent, buy and sell properties again. The new regulations provide clarity to agents and will allow them to deal with pent up demand from consumers. It’s also a step to reinvigorating the housing market and will be a boost to the economy. Safety of course will be paramount, and we would encourage everyone to ensure that they follow Government guidelines closely to protect others and themselves.”

There will be changes in the market, and some tenants might be looking for different things in rental property moving forward. Gardens are likely to become more pressing for many tenants, but if more people are working remotely, city-centre living may not be as important for tenants.

It is vital landlords and tenants acknowledge the market will evolve. If you want to stay in touch with the leading changes in the industry, make sure you work closely with a local expert who is assisting people right now.

We know this is a challenging time, and for many people, the thought of letting property is a challenging one. However, if you are a local landlord, we are here to help. If we can be of any use to you, please contact Harpers Estates, and we will be more than happy to assist you.