Demand for high quality rental properties increased during 2020 despite the ongoing pandemic.
Research by deposit replacement scheme Ome crunched data from government-approved deposit protection scheme mydeposits and discovered that there was a year-on-year increase in the number of new tenancies logged with their schemes for private rented properties in England and Wales during 2020.
There were a total of 394,156 new tenancies recorded by mydeposits’ insurance and custodial schemes in England and Wales during 2020.
This reveals an increase of just under 2% on the previous year, with 386,6027 new tenancies being recorded in 2019.
This number is surprisingly similar considering the widespread ramifications and restructuring caused by the coronavirus pandemic.
But more in-depth quarterly analysis also revealed that in the first quarter of 2019 there were 87,446 new tenancies across mydeposits’ insurance and custodial schemes in England and Wales, compared with 82,410 in 2020; demonstrating a 5.8 percent drop during the initial stages of the pandemic.
The second quarter of 2019 saw a wider divergence, with 82,436 new tenancies in 2019 compared with 68,121 in the same period of 2020.
This decrease of over 20 per cent is perhaps due to the disruption which saw a national lockdown and halt to house moves from March to May 2020.
In the third quarter of 2019, mydeposits recorded 120,542 new tenancies, a number eclipsed in 2020 with 145,733 new tenancies recorded during the same period. This increase of over 20 per cent can be attributed to pent-up interest in moving home which was dampened during the first lockdown.
Finally, the fourth and final quarter of 2019 saw 95,603 new tenancies compared with 96,092 in 2020.
The sector remains very buoyant but as ever, investing in the right property is paramount.
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