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Lettings demand 40 per cent higher than five-year average – Knight Frank
The lettings market has bounced back to life in the four weeks since the property market reopened, but sales are still muted, according to estate agent Knight Frank.
Valuation for letting properties was the highest Knight Frank has ever seen in the week ending 6 June.
At the same time, demand from new prospective tenants was 40 per cent above the five-year average and the second highest in 2020.
The high-end estate agent said the lettings market has rebounded more quickly than sales.
Tenant viewings were one per cent higher than the five-year average, while in the sales market it was 26 per cent lower.
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And web views for lettings properties were 33 per cent higher than the five-year average compared to a 12 per cent decline for sales.
Commenting on the lettings bounce, Jon Reynolds, head of lettings at Knight Frank for the City, East and Riverside region in London, said: “We expect demand to get even stronger when there is more certainty around how universities will be teaching their courses next year.
“Those announcements will make a huge difference and demand will be bolstered further as companies reactivate relocation plans that are currently on hold.”