Welcome to our COVID-19 briefing for April, week 4. We open this week with some harsher news, as the UK economic output is projected to go down 35% this quarter, and the real estate sector is estimated to be the industry hardest hit by the outbreak. 🤯
At Kiko, we are working on a solution to many worries of the rental market - charging landlords less than high street agencies to let their properties fully online, while enjoying rent on time and greater protection against damages than with traditional cash deposits.
In response to the grim news we've been reporting, we're giving out free first months of our service to the first landlords that join Kiko. Contact me at firstname.lastname@example.org or here, and let's get you first in line for when we launch in summer 2020! 🏎️
With that said, let's examine in detail what happened this week to...
- There are calls for the UK government to clarify its advice for tenants in difficult economic circumstances to discuss rent reductions with their landlords, as some have understood the advice as a green light to stop paying rent.
- Rather than quit paying rent altogether, tenants should discuss what concessions can be made with their landlords. Law firm Aaron & Partners published a list of tips for tenants on how to approach the subject with their landlords, and ideas on where they can find common ground.
- New tenancies have gone slightly up from last week's low, and now stand at 40% of last year volumes in this period.
- The sales market continues being 'paused', with insufficient properties coming to the market to report on current price levels, and transactions virtually all on hold.