> Lettings Market Comment Summer 2020 | Plaza Estates London
Summer 2020 market comments by Plaza Estates Lettings Director.
By Fraser Gregory
// Tue 4th
With nearly 50 years of experience in an ever-changing market we are confident that Plaza Estates will continue to adapt to the new normal and provide the excellent, reliable and personal service that our clients and customers have come to expect
We had a positive couple of months after the housing market was permitted to reopen on 12th May dealing with the pent-up demand from the two-month lockdown and we are seeing confidence slowly returning to the market with people deciding to relocate and rent before committing to a purchase.
However, stock levels have increased in the prime central market over the past 4 weeks, particularly in the one and two-bedroom areas. This increase in supply has begun to create a downward pressure on rental values as supply outweighs demand and has created a ‘tenants market’ A desire for more space following lockdown has seen houses and larger flats hold up in recent months but with fewer applicants in the market many Landlords are taking offers on the asking price in the hope of seeing them through to a stronger market in a year or even 6 months time.
It remains to be seen how long it will take for the excess available stock to be absorbed by the market but the return of international travel and easing of restrictions will hopefully see the reappearance of students in the late summer months. We are also expecting an increase in corporate relocations as companies regain confidence in the economy and the UK continues to recover from the effects of Covid-19.
With fewer applicants in the market and a greater supply it is imperative the Landlords ensure their properties stand out from the crowd we are finding that the most sort after properties are those that are well presented, freshly decorated and recently refurbished. We can offer advice to Landlords on presentation tips, decoration tips or oversee a full refurbishment to help find tenants quickly and minimise void periods.
We have helped buyers, vendors, landlords and tenants through virtual valuations and virtual viewings over the past few months and will continue to do so. With nearly 50 years of experience in an ever-changing market we are confident that Plaza Estates will continue to adapt to the new normal and provide the excellent, reliable and personal service that our clients and customers have come to expect.
If you have any questions about the market or how Plaza can help with Lettings, Sales or Management please give us a call.