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An analysis of market activity during the recent heatwave has shown that the intense heat failed to cool the market, with the volume of new tenancies up significantly compared to the same period last year.
The analysis, completed by lettings experts Goodlord, compared market activity between 8 July and 19 July 2022 - during which time temperatures steadily rose and broke records across England - and the same period during July 2021 - during which time the top temperature in England was 27°C.
Despite intense heat which buckled the rail system and created transport chaos, the number of tenancies being processed was up 22% year on year.
The England-wide sample size analysed by Goodlord showcases just how hot the letting market is, with no signs of cooling down.
Tom Mundy, COO of Goodlord, comments:
“We might have expected the heatwave to dampen down activity; with the soaring temperatures hitting productivity or reducing tenant appetite for viewings.
"But the data tells a different story and shows that the market is significantly busier than at the same time last year. We’re right in the middle of some of the busiest months for the market and the heat doesn’t appear to be cooling demand in the slightest.
"With continued pressure on existing stock, tenants know that there is no time to lose if they want to secure their next home.”