Lockdown lingers but there is, at last, a glimmer of light at the end of the tunnel. Spring is in the air and there is a sense of optimism starting to bloom within the property market.
Last month the governments announced its roadmap out of lockdown, this is possible thanks to the successful vaccination programme which is progressing faster than originally anticipated and the expectation is that all adults will be vaccinated by the end of July, resulting in a renewed confidence that we will be returning to a sense of normality by the end of the summer.
The last couple of months have seen the market soften by a reported 10-15% as supply continues to outweigh demand due to the current travel restrictions and movement of workforce out of London whilst working remotely. However, we expect demand to pick up as lockdown eases and companies welcome back staff to their offices. It won’t be long until those that have left London for a leafier outlook return to Central London for the ease of commuting and the unparalleled amenities the Capital has to offer.
Despite the challenging few months, we have been busy, this success is in no small part due to the commitment and hard work of our staff who have kept branches fully open whilst operating strictly within the new Covid 19 regulations. This has given our clients the reassurance that despite the ongoing disruptions they can rely on us to assist with all their property needs.
Even in these unprecedented times, properties that are in good condition, well presented and accurately priced are letting quickly and we have found that the larger properties especially those with outside space are holding their value as applicants look for more space having spent all their time at home. We have carried out a number of refurbishments recently with excellent results, letting the properties quickly to quality tenants. Planning ahead reduces the void time and now is the perfect time to make improvements whilst the market is quieter ready for a summer bounce back; we can ensure any necessary building consents are in place and contractors lined up and designs approved even prior to the property becoming vacant. Our aim is to ensure a cost-effective refurbishment, carried out to an optimum standard, within as short a time frame as possible.
If you have a rental properties in London please contact us, we will be happy to offer you a free rental valuation and advise you on securing a quality long-term tenant.
Fraser T Gregory - MARLA
Head of Residential Lettings