Rents hold up amid uncertainty

5 June 2020 | General

Typical rents fell by just 0.9% between April and May 2020, figures from the HomeLet Rental Index show.

In May 2020 they still stood 2.7% higher than the same month last year.

Rents saw the biggest monthly drop in Greater London, falling by 4.26% month-on-month.

However they actually rose by 2.56% in Scotland, as well as 1.88% in the North West.

Martin Totty, chief executive at HomeLet, said: “We are clearly in unprecedented times and predicting even the next few months seems fraught with risk – any ‘risk’ and attitudes to it, would seem likely to be a dominant theme for all actors in our sector for the foreseeable future.

“Rents may go up or they may go down and defaults may follow the same pattern. Nobody can be sure other than there is one certainty… and that is there is now more uncertainty.

“Landlords, together with their letting agents, will want to insulate themselves from this greater uncertainty and protect their rental income via specialist insurance cover agents can arrange for their benefit.”

This post has originally been featured in Property Wire.