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A Big Summer In Lettings Sector

July 12th 2021
By: Intercounty
A Big Summer In Lettings Sector

At Intercounty, we know there is significant demand for rental property at this time. This is good news for landlords, and there is considerable optimism as to what will unfold this summer in the lettings sector.

If you are looking for guidance or information, please get in touch with Intercounty, and we will be more than happy to assist you.

Voids are falling in lettings sector

According to analysis from one industry leader, in May 2021, voids fell in seven of the right regions they monitor in England. This means the average void period across the country fell by 15%.

Insight into particular areas include:

  • The West Midlands saw the largest drop, moving from 27 days to 18 days, lowering by a third

  • The South West of England experienced a fall of 18%

  • In Greater London, the drop in void periods was 15%

  • The East Midlands experienced a drop of 13% for void periods

  • The North East of England was the only area which included an increase in void periods

  • There has been little movement in the average rents across England, moving from £920 per month in April 2021 to £919 per month in May 2021.

  • There were modest rental fee increases in the North West, the North East and the South West of England

  • There were modest rental fee decreases in Greater London, the East Midlands, the South East and the West Midlands

  • No part of the country witnessed a rise or drop greater than 4% in May 2021

How well do you know your tenants?

Another factor considered in this analysis was the average income for tenants. This might be viewed as an indicator of the market, and how dependable tenants are likely to be.

The research found that in the six months to May 2021 in England, the average income for tenants rose by 8.2%. This indicates a bounce-back compared to the status of late 2020 and early 2021. In the capital and the North East of the country, two very different areas, tenants have experienced a 10% increase in take-home pay.

Tom Mundy is the chief operating officer of Goodlord, and he said; “We’re on track for a bumper summer of lettings. Whilst many agents have been busy with sales, the lettings market has been quietly gathering steam and now looks set to make things very busy for the rest of the summer. This time of year is always a busy period but the combination of increased consumer confidence, pent up demand, and what looks like a more normal year ahead for student housing, is on track to deliver a hugely successful season for the lettings market. Agents and landlords should make sure they’re prepared for this demand and ready to capitalise on it.”

For all lettings enquiries in Saffron Walden, please feel free to call us on 01799 513224 or why not email us at swlettings@intercounty.co.uk. With considerable experience in the local letting market, and free valuation services, we look forward to helping you make an informed decision in the Saffron Walden rental sector.