Tenancy applications have increased significantly in recent weeks compared to the same period last year, according to the latest data from Goodlord.
The analysis compared market activity between 8th July and 19th July 2022, and found that the number of tenancies being processed was up 22% year-on-year.
The England-wide sample size analysed by Goodlord showcases just how hot the letting market is, with no signs of cooling down.
Tom Mundy, COO of Goodlord, commented: “We might have expected the heatwave to dampen down activity, with the soaring temperatures hitting productivity or reducing tenant appetite for viewings. But the data tells a different story and shows that the market is significantly busier than at the same time last year.
“We’re right in the middle of some of the busiest months for the market and the heat doesn’t appear to be cooling demand in the slightest. With continued pressure on existing stock, tenants know that there is no time to lose if they want to secure their next home.”
The widening supply-demand imbalance continued to place upward pressure on rents.
According to Rightmove, average asking rents outside of London have hit another new record of £1,126 per calendar month (pcm), rising 3.5% from last quarter and by 11.8% compared to last year.
This increase in average asking rents means that rents outside of the capital are increasing at the highest annual rate Rightmove has ever recorded in 16 years of reporting. Rents have now risen by 19%, or £177, on average since the pandemic started two years ago.
Comments are closed.