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CORONAVIRUS UPDATE

See the latest Coronavirus statistics from across the world on our world map SEE MAP UK Confirmed cases: 283,311 | UK Deaths: 40,261 SEE MAP Italy Confirmed cases: 234,531 | Italy Deaths: 33,774 | Italy Recovered: 163,781 SEE MAP Spain Confirmed cases: 240,978 | Spain Deaths: 27,134 | Spain Recovered: 150,376 SEE MAP See the latest Coronavirus statistics from across the world on our world map SEE MAP UK Confirmed cases: 283,311 | UK Deaths: 40,261 SEE MAP Italy Confirmed cases: 234,531 | Italy Deaths: 33,774 | Italy Recovered: 163,781 SEE MAP Spain Confirmed cases: 240,978 | Spain Deaths: 27,134 | Spain Recovered: 150,376 SEE MAP

TODAY'S OTHER NEWS

Indicators suggest the UK rental market ‘is set for a swift comeback’

Online visits and engagement by homebuyers and tenants in the UK has dropped 4.1% over the past six months as many people have been unable to follow through with their search due to the property industry lockdown, but there is now room for growth. 

The latest research by Spotahome shows that the UK saw the eighth largest decline in online property market activity of 28 European countries based on the leading online portals for each nation, with just Malta, Croatia, Slovenia, Luxembourg, Italy, Belgium and Greece seeing a greater drop.

In contrast, Austria (7.8%), Finland (7.8%) and Sweden (7.4%) saw the highest average monthly increase in online property market activity. 

Although many high street agents have tried to pivot with lockdown market restrictions, other fully digital platforms have remained largely unaffected, with Spotahome seeing website traffic increase consistently for seven straight weeks.

But following its reopening last week, the UK property market is widely expected to bounce back, according to Spotahome. 

Jack Kuecker, Spotahome’s director for UK and Ireland, said: “It’s interesting to see how the severity of the current pandemic has impacted property market sentiment across Europe. This is, of course, influenced by the varying levels of lockdown restrictions, with some nations maintaining a business as usual stance while others have ceased market activity completely.  

“The good news is the most recent market indicators suggest the UK market is set for a swift comeback. We’ve already seen a sustained level of activity across our platform for the duration of the UK lockdown; both domestic and international tenants are keen to find rental properties.”

The UK is home to the sixth highest proportion of renters of all 28 European nations, with 35% of the nation reliant on the sector to put a roof over their heads.

There should also be plenty of stock to satisfy this demand, as the latest figures show there are currently over 100,000 rental properties listed across the UK’s 23 major cities despite wider market conditions.

Spotahome believes the UK rental market will see a swift return to form now that industry restrictions have eased. 

Kuecker added: “In the current climate, tenants are embracing the additional sense of safety that comes with contactless viewings as it allows them to progress with their search without visiting the property. This is already something that the latest generation of renters are becoming accustomed to and for future generations, a shift towards 100% digital renting could quite easily become the new norm.

“Our foundation as a business has always facilitated a completely digital approach to renting. However, it’s highly likely that the events of the last few months will now act as a catalyst within the property sector, accelerating the digitalisation seen over previous years and evolving industry practices to operate on an almost completely digital basis.”

Rankings - average monthly change in total visits and engagement between November 2019 to April 2020

Nation

Property portal

Average monthly change (Nov19 to Apr20)

Austria

https://www.immobilienscout24.at/

7.8%

Finland

https://www.etuovi.com/

7.8%

Sweden

https://www.hemnet.se/

7.4%

Estonia

https://www.kv.ee/

5.9%

Czechia

https://www.sreality.cz/

5.9%

Denmark

https://www.boligsiden.dk/

4.3%

Netherlands

https://www.funda.nl/

4.0%

Portugal

https://www.idealista.pt/

2.8%

Hungary

https://ingatlan.com/

1.6%

Germany

https://www.immobilienscout24.de/

1.2%

Romania

https://www.imobiliare.ro/

-0.2%

Lithuania

https://www.aruodas.lt/

-0.2%

Slovakia

https://www.nehnutelnosti.sk/

-0.5%

Poland

https://www.otodom.pl/

-0.7%

Latvia

https://www.city24.lv/

-1.3%

Ireland

https://www.daft.ie/

-1.5%

Spain

https://www.idealista.com/

-1.8%

Cyprus

https://www.bazaraki.com

-2.0%

Bulgaria

https://www.imot.bg/

-2.0%

France

https://www.seloger.com/

-3.3%

United Kingdom

https://www.rightmove.co.uk/

-4.1%

Malta

https://www.remax-malta.com/

-5.0%

Croatia

https://www.njuskalo.hr

-5.2%

Slovenia

https://www.nepremicnine.net/

-5.6%

Luxembourg

https://www.immotop.lu/

-6.2%

Italy

https://www.immobiliare.it/

-6.3%

Belgium

https://www.immoweb.be

-6.7%

Greece

https://www.xe.gr/property/

-7.2%

Portal visits and engagement over time sourced from Similarweb

 

Nation

Percentage of people that rent (%)

Germany

48.5

Austria

44.6

Denmark

39.5

Sweden

35.9

France

34.9

United Kingdom

34.9

Netherlands

31.0

Cyprus

29.9

Ireland

29.7

Luxembourg

28.8

Finland

28.4

Italy

27.6

Belgium

27.3

Greece

26.5

Portugal

25.5

Slovenia

24.9

Spain

23.7

Czechia

21.3

Latvia

18.4

Malta

18.4

Estonia

17.6

Bulgaria

16.4

Poland

16.0

Hungary

14.0

Lithuania

10.1

Croatia

9.9

Slovakia

8.7

Romania

3.6

Source: Trading Economics

 

 

City

Total listings (May 2020)

London

53,459

Oxford

1,460

Cambridge

810

Manchester

5,160

Liverpool

3,164

Birmingham

5,184

Nottingham

1,846

Leeds

4,981

Sheffield

2,797

Leicester

1,906

Newcastle

3,805

Southampton

2,619

Portsmouth

943

Bournemouth

1,073

Plymouth

951

Bristol

1,481

Cardiff

2,508

Swansea

1,188

Newport

193

Glasgow

1,690

Edinburgh

2,521

Aberdeen

1,256

Belfast

24

All cities

101013

Rental stock figures sourced from Rightmove and Zoopla

 

Poll: Do you think market indicators suggest the UK rental market is set for a swift comeback?

PLACE YOUR VOTE BELOW

  • icon

    Not a surprise really, with everyone locked up for 2 m and a shortage of properties, how many divorces are about to happen.
    If 500 in one city that's 500 new homes needed instantly.
    Yet landlords have been selling up...welcome to the housing crisis of 2020/1 well done councils and government for vilifying landlords, now you have no where for people to go.....genius stroke of incompetency

  • icon

    Government & Councils out to destroy private sector housing for sure as everything they have done is anti, if in London or South East not a chance because they have this mad idea everyone is loaded based on nothing.
    As was trashed out on this platform before you are better off buying in other parts of the Country than in London, say buying a house for £200k in other parts of UK and renting it out for £875.00 pm x 12 = £10'500 pa so you could buy 3 for the price of one in West L'don - £600k with an income of £31'500 pa.
    Say buy your House in L'don or outskirts for £600k renting it out for £1'750 pm = £21k pa so you are £10'500 worse off every year for similar investment. Plus many other factors like if one property didn't pay you the rent at least the other 2 might which is very likely to happen those days, plus another huge disadvantage is the Stamp Duty Land Tax difference. The SD on the the 3 individual purchases of £200k each would be £7'500 each x 3 = £22'500 as apposed to your single purchase of the one property for £600k attracting a SD of £38'000. so again you loose out big time paying the difference of £15'500 extra for nothing, add that to the £10'500 rent short fall = £26'000 you loose in year one and the after rent short fall on going £10'500. pa, how many years to catch up ? never the gap just widens we are some mugs, (and don't get me started on licensing Schemes).

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