New tenancies fall by almost a third during lockdown

23 October 2020 | General

The lockdown caused a marked decrease in the number of new tenancies between March and May – as they fell by 21% year-on-year to 61,972.

On 26 March The Health Protection (Coronavirus, Restrictions) (England) Regulations 2020 was published, which imposed new restrictions on movement during the ‘emergency period.’

These emergency regulations stated that: ‘During the emergency period, no person may leave the place where they are living without reasonable excuse.’

The research comes from Ome, utilising data from government approved deposit protection scheme mydeposits.

Matthew Hooker, co-founder of Ome, said: “As we head into what looks like a second wave of the COVID-19 pandemic it is important to reflect and learn from the initial spring period.

“As the initial impact of coronavirus restrictions hit us the entire nation was having to react quickly to a number of unprecedented changes, and the evidence shows the rental sector was not immune.

“We now know far more about the virus and its wider impact on society and the economy than we did at first, however there is still likely to be a significant period of uncertainty and flexibility required for landlords, agents and their tenants.

“We’d therefore urge tenants and landlords to start making contingency plans together for the winter just in case the virus rears its head again over the festive period.”

This post has originally been featured in Property Wire.