Surge of tenant moves predicted

22 July 2020 | General

Tenant moves will surge in the coming weeks now lockdown measures have been eased, inventory service No Letting Go has predicted.

The number of completed lets was above the 2019 average for all but six days in June, research from Goodlord found, while new tenancy applications remained 90% above 2019 levels last month.

Nick Lyons, chief executive and founder of No Letting Go, said: “It’s clear that tenants have been buoyed by the recovery of the rental market and that due to the extraordinary circumstances, activity in recent weeks has been significantly higher than the annual average.

“The combination of those tenants whose contracts are expiring and need to move, those who wanted to move before or during lockdown but couldn’t and those that decided they want to move during lockdown, means the next few weeks and months are likely to be extremely busy for agents and landlords.”

Mandatory electrical safety checks for new lets were introduced this month, while the Tenant Fees Act in June means tenants cannot be charged for references, credit checks, inventories and check-in or check-out reports.

This post has originally been featured in Property Wire.