0:01 AM, 23rd December 2022, About 9 months ago
Freezing temperatures and snow-hit travel disruption had a cooling effect on the country’s rental market, research reveals.
Vouch and Goodlord have looked at the figures and say that after heavy snowfall on 12th December, the number of tenancy applications being processed fell compared to 2021 levels.
It might be a coincidence, but the weather was milder then and the lowest temperature was 2°C.
According to Goodlord’s data, when temperatures plummeted between 12th and 19th December, tenancy volumes were running at an average of 94% of their expected levels.
In comparison, the same period last year saw higher than average levels of activity – with tenancy volumes running at an average 103% of expected levels.
This means that, year on year, volumes dropped by 6% over 10 days.
Goodlord’s Tom Mundy said: “We always expect to see the market slow right down in the festive period, but the snowfall and sub-zero temperatures certainly seem to have accelerated that cooling off.
“Whilst lots of new tenancies were still getting processed, with demand remaining high, it was definitely a quieter than average week for the market.”
Data from fellow rent tech platform, Vouch, confirms the trend with it seeing tenancy volumes hitting a 6-month low during the week of 13th December as prospective tenants stayed home.
The dramatic temperatures may have led to an earlier than average start to the ‘Christmas slowdown’ when agents typically wind down over the holidays and before market activity ramps back up from January onwards.
The firm’s Tom Goodman said: “It was certainly a slower week for the new tenancies being confirmed, but agents and landlords were rushed off their feet in other ways.
“Staff struggled to get to the office and properties were experiencing frozen pipes, so it was definitely all hands to the pump across the market.”