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Will Lockdown 2 produce another surge in tenancies?

Research from a deposit replacement scheme, Ome, suggests the first lockdown was sharply followed by a surge in tenancies - begging the question: will it happen this time too?

Ome says in the three months following the first lockdown, new tenancies on private rented properties were up by 22 per cent on the previous year. 

In June, July and August 2020 there were 125,932 new tenancy deposits protected with the government authorised scheme mydeposits, compared with 98,412 during the same three-month period in 2019.

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Ome says this significant increase is perhaps unsurprising as it could be attributed to the pent-up interest in moving to a new home, which was stifled during the lockdown months. Likewise, some tenants may have re-evaluatred their housing needs for more storage or outdoor space. 

The lockdown period, from March to May 2020 saw just 61,972 new tenancies, with the amount of new tenancies more than doubling from June to August 2020, to 125,932.

Some renters remained cautious for several months after restrictions were lifted however, September 2020 saw the largest number of new tenancies so far this year, with a grand total of 49,146.

Commenting on the findings, Ome co-founder Matthew Hooker says:  “One of the great benefits of a strong private rented sector is the flexibility it offers to those that have reassessed their living conditions and now want something different.

 

 

“The post-lockdown rebound is encouraging because it shows confidence and willingness from renters to expand their horizons and readjust to their current circumstances. This flexibility to adapt and overcome, rather than make do with arrangements they had made prior to the pandemic, highlights just how buoyant, resilient and adaptive the private rented sector can be.

“The pandemic, so far, has re-emphasised the need to mould your surroundings to create the best environment for yourself. Whether that be moving closer to work to avoid a busy commute, prioritising the need for outdoor space or moving out of (or back into) your family home.

“…As we see the market consolidate over the next year or so, and adjust to the new ways of doing things, we are confident that we will see tenants and their landlords working more closely together to reinforce an effective, fair and inclusive rental experience.”

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

  • Ruan Gildchirst

    Rents and property are still very much overpriced, with many people paying mortgages and rents that they can no longer afford while numerous properties stand vacant. The solution, of course, is to cut your losses and stop paying. But then you might soon have to relocate. That is OK, because, as I mentioned, there is no shortage of vacant properties around. Finding a good place to live will become less and less of a problem as people stop paying their rents and mortgages and get foreclosed or evicted, because the number of vacant properties will only increase. The best course of action is to become a property caretaker, legitimately occupying a vacant property rent-free, and keeping an eye on things for the owner. What if you can't find a position as a property caretaker? Well, then you might have to become a squatter, maintain a list of other vacant properties that you can go to next, and keep your camping gear handy just in case. If you do get tossed out, chances are, the people who tossed you out will then think about hiring a property caretaker, to keep the squatters out. And what do you do if you become property caretaker? Well, you take care of the property, but you also look out for all the squatters, because they are the reason you have a legitimate place to live. A squatter in hand is worth three absentee landlords in the bush. The absentee landlord might eventually cut his losses and go away, but your squatter friends will remain as your neighbors. Having some neighbors is so much better than living in a ghost town.

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    Ruan, you are getting to be a bore now, I'm not going to bother reading any more of your posts

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    Andrew, agreed

     
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    Agree with Andrew

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    No, I'm Spartacus !

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    • 06 November 2020 11:19 AM

    No, I'm Spartacus !

  • Philip Drake

    We’re Spartaci.

  • George Dawes

    I think Ruan's off his meds

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