UK rental market witnesses strong bounce back

Good news for landlords… the rental market in Britain is bouncing back nicely following the disruption caused by the coronavirus pandemic. In fact, reports show that activity levels in the rental sector are recovering more quickly than other areas of the property market.

According to market data from Goodlord’s Letting Activity Tracker, during the first two weeks of June, significant gains were made in the number of new lets and completed lets.

Data shows that since May 13, when restrictions on moving home were lifted, demand for rental properties has gradually been increasing.

June 2 saw a sharp rise in the amount of new applications made for tenancies in the UK. On this date, new tenancy applications reached 112% of the number recorded on the same day a year earlier.

Eight days later saw the UK witness its busiest day for lets being completed. On June 10, completed lets hit 124% of those recorded on the same date in 2019.

Commenting in the hive of activity within the rental sector, Tom Mundy, COO at Goodlord, said: “It’s been an incredibly busy few weeks for letting agents, landlords and tenants. They’ve risen admirable to the dual challenges of a surge in demand coupled with a totally new way of working and doing business.

“We’re starting to see some much needed stability and consistency in the market,” Mundy added.

Given the renewed demand for rental properties as we head into the post-pandemic climate, now could be a good time to enter the buy-to-let market or extend BTL property portfolios.

Buying at auction can be a great way to secure the perfect buy-to-let investment for a great price. Take a look at the lots we’ve got listed in our next property auction to find the right the investment to capitalise on the strong bounce back of the rental market.