No Letting Go the inventory service provider latest research indicates a possible rise in tenant activity from June 1 due to many tenants will be looking to move after this date in order to avoid paying upfront fees and benefitting from capped holding deposits.
Nick Lyons, CEO and Founder of No Letting Go, had this to say: “It’s no surprise to see shrewd tenants delaying moves until after the fees ban and deposit caps are introduced on June 1.
The upfront cost of moving between rental homes can be high – particularly in London and the South East – so renters will do anything they can to keep costs down, even if that means putting their move on hold for a few months.”
Lyons says that while a recent dip in activity may have allowed agents and landlords some extra time to prepare for the new system, they should be braced for a significant uplift in activity from June onwards.
“Tenants are likely to have continued searching for properties over the last few months and will be keen to push their moves through as quickly as possible so they can be settled in their new property for the majority of the summer months.”