A rental property consultancy says its experience this year convinces it that the Coronavirus crisis has led to more stable tenancies.
Apropos by DJ Alexander, a UK-wide letting firm, says that in the 10 months to the end of October it’s had 103 landlords serving notice on clients compared to 107 in 2019.
Indeed, the number of landlords serving notice on tenants fell substantially since the ending of the first lockdown in July through to the end of October falling from 60 in 2019 to 40 in the first 10 months of 2020.
The number of tenants serving notice has also fallen 18 per cent since the end of the original spring lockdown.
July to October figures were 741 this year compared to 875 over the same period last year.
This increase in tenant stability means that the number of new tenancies begun has dropped from 850 to 695 over the last four months.
Apropos joint chief executive David Alexander says these figures suggest a much more resilient market than many expect.
“There is little doubt that the pandemic has made people focus more on their homes and their living space. Where people live has become so much more important since the lockdown so that once people find a good home, they want to stay.
“The result has been many more people staying put. It is incumbent upon everyone in the PRS – landlords, tenants and agents – to ensure that homes are maintained to the highest standard so that individuals can feel safe and secure.
“Security of tenure has rarely been more prized, and many more tenants and landlords seem to hold this view and are staying where they are rather than moving on. Stability is a vital element in the housing market and these figures show just how important it has become in the last six months.”
Alexander believes it’s now the turn of government to show similar faith in the lettings market by ensuring that landlords are provided with financial support to continue providing homes for millions of people. “Failing to financially support this vital sector at this time would be disastrous for landlords and tenants” he says.
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