A new report from the Zoopla Property Group has shown a sharp increase in the demand for UK rental property for the first two weeks of April. Whilst the figures follow a relatively low period in March due to the current Coronavirus pandemic, the report does suggest that tenants are starting to plan housing activity for after the lockdown period.
The report, which takes data from the period 1st - 14th April, has shown that demand for rental property in the UK increased by 30%. The figures do suggest, as many in the property industry believe, that the impact of Coronavirus will be less pronounced for the rental market. There is a growing concensus amongst property industry professionals that activity levels within the rental market will rise more quickly than the sales market.
Figures from the Zoopla Rental Index have suggested that the annual rate of UK rental growth has slowed slightly in March, which was more in keeping with seasonal trends rather than the wider impact of the Coronavirus. However, when looking at the longer term, rental growth has been on an upward tragectory since March 2017, primarily driven by increasing demand and falling supply.
Here at Indlu Estate Agents, we've continued to see high levels of demand from tenants seeking rental property throughout the Greater Manchester region in recent weeks.
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