High-end lettings agency Knight Frank says the lettings market “could explode quite quickly” when the lockdown ends.
The agency says that in normal years tenancies peak around July with a relatively sharp decline in the second half of the year - but in 2020, for obvious reasons, that is likely to be radically different.
“We’re preparing for a busier late summer period than normal,” says Gary Hall, head of lettings at Knight Frank. “The nature of the lettings market means it could explode quite quickly once restrictions are relaxed or lifted.”
David Mumby, Knight Frank’s head of central London lettings, agrees: “There’s no sense of a permanent withdrawal, no lack of demand. There’s a finite amount of stock available in the capital and both tenants and landlords are aware that if they don’t move quickly, they will miss out.”
While a delay could curb activity in the student lettings market ahead of a September start date, this was being compensated for to some extent by the fact a number of tenancies were being agreed virtually with international students.
Below is a chart prepared by the agency showing last year’s lettings and sales monthly profile.