Six months have passed already and there have been plenty of changes within our industry but what’s happened to stock, tenants, and rents?
After an extremely slow end to 2018 in which we witnessed record low new applicants and rents decreasing to try to tempt tenants in before Christmas January bounced back in force.
We witnessed an immediate surge in tenant numbers averaging 27 new applicants a week compared to 3 in December. Combined with new properties coming to the market January was turning into a very positive month with rents back to where they should be.
This continued into February with just a 10-day lull around the half term week.
With the Tenants Fee Ban having been announced and starting on the 1st June we were not sure how the market was going to react. March stayed strong with a continued flow of new stock and no let up on new tenants coming to the market.
April has always been a month where numbers of tenants can decrease usually related to the school Easter holidays. However, this was not the case with strong figures being posted 33 properties let, 12 new instructions. Rents increased slightly with tenant numbers holding up.
May saw the first real slowdown in tenant applications which we put down to the Tenant Fee Ban on the horizon. New stock was still coming onto the market paving the way going into June.
Record numbers of applicants were registering on our system 35 new applicants in one day and this continued for the first 3 weeks of June with only the week commencing 24th June have we seen a slowdown in applicant numbers.
New properties have continued to come onto our books and with our all-inclusive Management packages proving popular with Landlords the first 6 months have been a great success and shows that if you offer the right services and service you will attract both Landlords and tenants.