Snowy weather chills rental market ahead of Christmas
How did the snow affect the lettings market? Goodlord and Vouch's data has the answer.
The combination of freezing temperatures and snow-induced travel disruption had a cooling effect on the rental market over the last ten days, according to figures from Vouch and Goodlord.
Following heavy snowfall on 12th December, the number of tenancy applications being processed were down compared to 2021 levels, when the weather was milder (with a low of 2°C).
According to Goodlord’s data, between 12th December and 19th December - when temperatures plummeted - tenancy volumes were running at an average of 94% of their expected levels.
In comparison, the same period in 2021 saw higher than average levels of activity - with tenancy volumes running at an average 103% of expected levels.
This means that, year on year, volumes dropped by 6% over the last ten days.
Data from fellow rent tech platform, Vouch, confirms the trend. The platform saw tenancy volumes hit a 6-month low during the week of 13th December onwards, as prospective tenants stayed home.
The dramatic temperatures may have induced an earlier than average start to the "Christmas slowdown", with agents typically winding down over the holidays, before market activity ramps back up from January onwards.
Tom Mundy, COO at Goodlord, comments:
"We always expect to see the market slow right down in the festive period, but the snowfall and sub-zero temperatures certainly seem to have accelerated that cooling off. Whilst lots of new tenancies were still getting processed, with demand remaining high, it was definitely a quieter than average week for the market.”
Tom Goodman, Managing Director at Vouch, adds:
“It was certainly a slower week for the new tenancies being confirmed, but agents and landlords were rushed off their feet in other ways. Staff struggled to get to the office and properties were experiencing frozen pipes, so it was definitely all hands to the pump across the market. I’m sure all agents are looking forward to a well-earned break over Christmas.”