Rents in Suffolk fall £67 a month on average after coronavirus lockdown
PUBLISHED: 08:00 27 September 2020
New data reveals the average rent across Suffolk fell by more than 10% during lockdown, in part because tenants are unable to pay their rents.
Analysis by PropertyData shows rents fell by 10.5% between March and September - in part because some tenants were unable to pay full amounts, because of financial hardship caused by the Covid-19 pandemic.
Calum Brannan, founder and chief executive of Howsy lettings management platform, said: “To see such a considerable reduction in rent levels across the board highlights the prevalence of the financial hardship many tenants are facing across England and Wales and, of course, this is no fault of their own.
“Rents have already been consistently increasing across England and Wales for some time due to the lack of suitable rental stock to meet overwhelming demand.
“However, having been left high and dry, many landlords face no other choice but to start eviction proceedings.
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“This will see them face many more months without any rental income and so it may take some time before rent levels recover to those seen pre-lockdown.”
Laura Howard, residential lettings manager at Jackson Stops, said: “Rental amounts across the market have stayed stable, with a rush of movement prior to lockdown and another when lockdown was lifted, the rental market has become extremely busy which has kept the prices buoyant.
“When we release a property to the market, we are receiving a record number of applicants.
“At Jackson Stops, we have only experienced a very small number of tenants unable to afford the rents.
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“These have been on furlough schemes and our landlords have been understanding and agreeing to tenants paying 80% of the rent.
“But this agreement has been made with the understanding that a long-term repayment plan is agreed and ensuring that is achievable for the tenant.
“While we do not have any tenants that will be facing eviction when the ban comes to an end, we are aware that an increase in the level of evictions is a very real prospect as the economic downturn will have far reaching consequences for all.”
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