Residential Property Market Review
Since the restrictions on moving home during the Covid-19 crisis were eased on the 13th May 2020 we have found ourselves in an ever-changing rental market. As virtual viewings and in person viewings with PPE and strict social distancing becomes the norm, the rental market has gone through an interesting period.
One thing has been very clear from the outset, there has been significant pent up demand from both tenants who had previously been unable to move and from landlords who had been stuck with empty properties unable to secure tenants. This created a seesaw effect, initially there was more demand for accommodation than there were properties on the market, but then after a slew of notices from tenants things started to tip back the other way. Now we are finding the market is gradually settling back to where it was before the lockdown began, which is generally buoyant.
With uncertainty looming over the sales side of the market, it is pleasing to see that lettings certainly seems to be robust and proving resilient to the unusual times we are experiencing. It may be that as people find it harder to secure finance for house purchases that there will be more renters and properties around over the next financial cycle, providing a further boost within this sector.
Our conclusion – If you have a property suitable for renting out or are considering a buy to let purchase, now would not be a bad time to call us!
Contact Andrew Kettle on 07772144942 or Chris Oakes on 07587152701 . Alternatively email us at firstname.lastname@example.org