The latest Hamptons International Monthly Lettings Index – September 2020 – has revealed that since the rental market reopened in May, the number of homes let in the most affluent areas of Great Britain has recovered to a level which is above the same period last year.  

While the total number of homes let between May and September 2020 fell by 5.3% compared to the same period in 2019, the most affluent 10% of areas in Great Britain saw 1.3% more homes let.

However, the least affluent areas of the country have seen the largest drop-off in rental market activity. The number of homes let in the 10% least affluent areas of Great Britain was down 14.8% between May and September in comparison to the same period last year. Similarly, the number of new instructions coming onto the rental market in these same areas was down 17.7% over the same period. Meanwhile the 20% most deprived areas recorded an 11.3% fall in the number of homes let.

Across the whole market, the number of lets agreed is now on an upward trajectory though. From July onwards there have been more lets agreed than at the same time last year and by September, the number of lets in the wealthiest areas of the country was up by more than 20% compared with September 2019.

Only areas which are part of the least affluent 10% and 20% saw fewer rental agreements signed 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.