Belvoir Pandemic Report Reveals Impact on BTL Market.

Belvoir Pandemic Report Reveals Impact on BTL Market.

The Belvoir report shows how affected the UK BTL market has been.

“Earlier this year Belvoir commissioned property expert Kate Faulkner to review data from the Belvoir rental index as well as quarterly surveys of offices during the pandemic and beyond. This information has been used to create a unique pandemic report,” says Belvoir CEO Dorian Gonsalves. “The Belvoir pandemic report provides a unique insight into the rental market during this challenging time and looks at how it affected landlords and tenants.”

“Belvoir’s data confirms that offices generally saw a dip in average rents during the pandemic and that this trend has been reversed in 2021. There are significant regional variations in rents – not just due to area, but also on whether the let was a flat, house or HMO, all of which resulted in different experiences for landlords and tenants.

“During the lockdown, rents for flats mostly remained static or fell in value when compared to pre-lockdown. The reopening of the market in May 2020 impacted the second half of the year results, and most rents for flats rose. In contrast, and similar to the house price market, house rents have been consistently increasing in most areas and continued to do so even during the first lockdown. Belvoir’s Q2 rental index revealed that 95% of offices reported a rise in rents for houses, and 83% reported a rise in rents for flats.

“Belvoir’s survey analysis shows that although the pandemic has had some impact on the lettings’ market, overall, this was much less than would have been anticipated. The lettings’ market proved itself to be incredibly robust for those renting and letting through Belvoir. Unsurprisingly, many tenants stayed put during the pandemic, but coming out of lockdown during quarter 2, tenant trends began returning to normal.

Rental arrears “Belvoir offices apply stringent tenant referencing, so rent arrears have historically been few and far between. Pre lockdown, most offices had either zero or no more than three tenants who were more than one week in arrears. This figure jumped during the pandemic, but the trend had already started in Q1 2020 where most offices were dealing with 4-10 tenants in arrears.

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