The lettings market has continued to show strong demand through the month of October. With the normal cycle of the markets severely disrupted this year it is hard to say what is driving continued demand but we believe it is a combination of several factors.
With further restrictions on movement due to Covid 19 weighing heavily on peoples minds, this seems to have spurned many people into action, we have seen higher than usual numbers of applicant registering with us in October; typically a month when number start to dip, many of them very keen to secure larger properties with the amenities they require to see them through any future lockdowns.
Young professionals are getting on with the life and their careers, tenancies in London for the under 30s working professionals remain very strong. We have seen applicants from many of the big tech firms such as Facebook and Google come to us through our corporate relocation department. While Covid 19 is still very much with us, young professionals are keen to mitigate its negative influence on their careers, keeping a bullish mood amongst this age group.
With many of London’s top universities conducting this year’s programs virtually the market for overseas students has seen a significant dip, however it is not all doom and gloom for student landlords as we have seen many first and second year domestic students fill this space, many young people are eager to get out of their parents homes and into the London social scene, socially distanced or not.
The short-term lettings market continues to face a strong headwind with reduced applicant enquires and the lack of overseas tourists who make up a large part of the summer market for short lets in London. The increased availability of stock also continues to put downward pressure on prices in the sector. Landlords can take some comfort as many domestic applicants who are in a period of flux and uncertainty are opting for a short let until they have a clearer picture of what 2021 will look like for their home and work lives.