Despite the on-going national lockdown there is light at the end of the tunnel.
2020 was, without question, a year unlike any other, and the new year brings……..much of the same. Despite the on-going national lockdown there is light at the end of the tunnel.
Although the UK is subject to tight restrictions, the housing market has been permitted to continue with the necessary protocols in place to ensure the safety of staff and applicants.
Despite all the disruption and uncertainty, we had a surprisingly busy December and start to the year with existing UK residents happy to capitalise on the lack of overseas demand. Large numbers of tenants are moving to prime London attracted by widely advertised rent reductions, and the opportunity to move to larger homes as landlords compete within a depleted pool of tenants.
The impact of travel restrictions, on a market primarily dependent on young professionals and overseas students, has been a reduce in demand, a surplus of stock and longer void periods. On a positive note, we have experienced a higher percentage of tenants staying in situ where the property is of a high standard and well managed with 84% of tenancies renewing in 2020 compared to 72% in 2019 and 67% in 2018.
Generally, our tenancies have rather enviably long-term tenants and we strive to ensure we match the right property with the right tenant. We also do our utmost to ensure both parties are happy throughout the tenancy, keeping in contact during the term.
This includes properties where we are not acting as managing agents; we liaise with our landlords and tenants offering advice and keeping clients up to date on any relevant changes in legislation as well as tips on how to handle a tricky maintenance situation if they need it.
Our Property Management Department offers a superb service and fully managed properties do generally have the longest tenancies.
Looking to the year ahead landlords should feel assured that once the vaccine has been rolled out and travel restrictions are lifted, London will again experience an influx of overseas tenants waiting to resume their metropolitan life.
Our offices will continue to be open to assist in every aspect of the lettings process, our staff are able to provide in-person or virtual viewings and valuations so please don’t hesitate to get in touch if we can help in any way.