The lettings market experienced a hugely busy July, with rents up and voids down across the board, as demand for rental properties goes from strength to strength. Average rental costs are now well above the 12-month rolling average, voids are at their lowest level since August 2019.

Encouragingly, tenant salaries are also the highest they've been in at least two years. We expect this trend to continue for the rest of the summer.

Our rental market performance over the past month

The overall average for void periods in England in July stood at 14 days - the lowest average recorded since August 2019 - while rents were rising to the highest levels seen since September 2019. Here’s a snapshot of how our agency performed in July:

• We achieved an average rent of £618
• Our deal turnaround times were 6 days on average
• The average age of our tenants is 28

Employers contributing to furloughed employees' wages as scheme starts to wind down

Last month, we touched on the fact the Coronavirus Job Retention Scheme - also known as the furlough scheme - is beginning its wind-down, with businesses now required to make a contribution to the cost of their furloughed employees wages. From 1 July 2021, the government reduced its contribution to 70% of wages, down from 80%. The level of the employer's contribution will increase to 20% in August and September, until the scheme ends on 30 September 2021. The end of the scheme could impact some tenants' wages, with forecasters at the Bank of England, as well as the government's spending watchdog, the Office for Budget Responsibility, are "expecting a small rise in unemployment after furlough ends".

If you're concerned about any of your tenants' ability to pay rent, please do get in touch with us to find out how we can help you as part of our fully managed service.

We're still keeping in touch with your tenants to ensure that we're up to date on their current situation. If you have any questions or concerns, please feel free to get in touch.