The tenant performance of the two lower rental/per month segments has, since around 2014, weakened more noticeably than the higher two major segments
With 78.8% of tenants’ income affected by Covid-19, Flow said 55% of respondents had either already applied or intended to apply for assistance to help pay their bills.Individual landlords have proven to be more forgiving, with 44% agreeing to waive or reduce rental payments, along with 24% of companies and trusts doing the same.
“What we can say is that the market is in for a significant reset. Signs are that the volume of sales is set to drop by 50%, with owners who aren’t forced to sell, not putting their properties on the market. It’s definitely going to be a buyers’ market, with plenty of opportunities for those who are placed to be opportunistic.”
The Flow results also indicated that 32% of tenants said they were likely to move out after lockdown – 12.63% of those due to their lease ending, 50.93% due to lockdown-related affordability issues and 15.11% of them due to general affordability issues.
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