Between the housing market re-opening for busines in May and the end of September, the total number of homes let across the country fell by 5.3% compared to the same period last year. But this overarching number masks a far from uniform picture.
In the most affluent areas of Great Britain 1.3% more homes were let between May and September than at the same point a year ago. This in contrast to the the number of let properties in the 10% least affluent areas of the country, which over the same period, were down 14.8%.
And it’s a similar story for new instructions. In the least affluent parts of the country, new rental instructions werer down 17.7% over May – September this year, compared to May – September last. By contrast in the most affluent 10% areas of the country, the same year-on-year figure stood at 4.0% higher. In fact by September, the number of lets in the wealthiest areas of the country was up by in excess of 20% compared with September 2019.
Only areas which are part of the least affluent 10% and 20% saw fewer lets agreed than at the same time last year, down 6.3% and 2.5% respectively in September. These figures in the least affluent areas declined between July and August, unlike in the more affluent areas where the number of lets continued to rise.