Lettings Market Updates & Property Advice!

Welcome to the February edition of the Greenstone newsletter.

First up this month we take a look at how house-buying behaviour continues to be shaped by working from home as this becomes the new norm for many people. The property market went through a lot in 2020 after many ups and downs, we explore the impact the pandemic has had going into 2021. 

Further into our newsletter we take a look at the latest eviction ban changes for landlords and tenants as evictions are now prevented until at least the 21st. We finally explore the latest Zoopla data revealing the most searched for terms by tenants as to what they really want during the pandemic.

We hope you enjoy this months edition. We also provide property tips, insights, and updates on our social media channels which you can click to follow at the end of our newsletter. As always, please get in touch if you have any property queries.

Best regards

Lewis Green, Director

Your stamp duty and mortgage holiday questions answered

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House-buying behaviour continues to be shaped by working from home

 

With the number of vaccine jabs administered in the UK now over 10 million, we can start to imagine a future beyond the pandemic, but it's expected that the 'new norms' many of us have adopted will have lasting effects in our day-to-day lives. 

 

Working from home has gone from being an infrequent luxury to a very real reality – whether we've wanted it that way or not.

Jobs advertising remote working tripled since November 2019, going up from 26,600 to 80,700 listings in November 2020.*

With remote working now an expected part of life, the desire for a home office has skyrocketed, leading to interesting levels of activity on the market for larger properties.

 

COVID-19 has impacted the behaviour of homebuyers, as well as the priorities of employers and businesses, who now recognise that proximity to the office is no longer a prerequisite for their team members, allowing for greater flexibility on where people choose to live.

 

In a recent 'Home Moving Trends' survey, 35% of participants cited an office space as being more important since the emergence of the pandemic.**

 

The survey also showed that broadband was high up on homebuyers’ agendas, with 37% wanting enhanced Internet speed when searching for a new home.

If you're no longer restricted to a property based near your work premises, we'd like to help you.

Browse our latest properties or talk to our team about your home-buying criteria. 

 

 

 

*New Street Consulting Group

**Conducted by the Property Academy on a national level

 

How the pandemic impacted the housing market

 

It would be somewhat of an understatement to say that the pandemic led to confusion and uncertainty for businesses last year.

 

The property market went through a lot in 2020, with huge repercussions on the way in which people now buy, sell, let and rent.

Not only did the various stages of buying and selling change, but we saw a massive U-turn in the way that the population thought about their homes, with Santander releasing data in September on record numbers of homeowners applying for loans to increase space and renovate.

 

More buyers were searching for bigger properties, including for larger family homes and increased outdoor space.

 

Something else that changed over the last 12 months – according to Editor of Luxury Daily, Alam Khan – is the way that affluent buyers are approaching the market; not only in how it will look but where they want it to be.

Prior to the pandemic, many high-powered business owners and working professionals would choose to live in their primary residence closer to the office.

 

However, many people have found remote working easier than anticipated, with companies able to save money and likely to close their physical premises completely.

It is safe to say that – overall – the pandemic has impacted the property market for the better.

 

Are you looking to move this year to better suit your working situation or lifestyle?

 

Browse our properties or speak to our local team for a valuation of your home. 

 

 

 

Latest eviction ban “more balanced” than past examples

 

Just after we started 2021, Housing Secretary – Robert Jenrick – announced an extension on the ban preventing tenants from being evicted.

 

This meant that – apart from the most serious of cases – no evictions would be carried out until at least 21st February.

In the previous bans, the substantial rent arrears exemption only applied when there were nine months of arrears before 23rd March 2020.

 

Many landlords have been suffering severe hardship by rent arrear levels significantly below that figure, which prompted a change to the arrears threshold to six months, making it more balanced for landlords and tenants.

Bailiffs that are enforcing the few evictions permitted to be carried out are being told to take caution and proceed in accordance with the regulations – if they can do so safely.

There is also a question mark over how a bailiff should deal with a situation where a tenant is self-isolating.

 

The presumption from many bailiffs is that the eviction could not be carried out for their own safety.

Not all landlords and representatives welcomed the extension.

 

However, Housing Solicitor – George Cohen – seems to think more landlords will begin to accept the change, due to the regulations being “more balanced”.

 

With the six-month notice period also reaching its conclusion at the end of March, many within the sector are now wondering what measures will be introduced by the government for landlords and tenants.

 

If you have any concerns about your living situation or property investments, we urge you to speak with our team today for more information.

 

 

 

 

What do tenants really want during the pandemic?

 

The latest data from Zoopla has revealed the most common search terms from tenants between July and September 2020, with the findings showing a shift in attitudes as more people look for places they consider to be 'pandemic proof'.

 

Last year saw large disruption to our daily lives following the introduction of new tier systems and multiple lockdowns, forcing people to spend more time indoors and re-evaluate their list of property non-negotiables.

 

Garden

Zoopla found that being able to have a garden was on the top of the list as the most desirable feature to have in a rental home.

 

Not only has this been popular across the lettings market, but a recent study also revealed that the price of homes with gardens has hit a four-year high.

 

Parking and a garage

In close second was enough garage space, with the main purposes being for parking over extended lockdown periods and for an additional room to convert into a home office or gym zone.

 

Balcony

Balconies were another feature that ranked highly for tenants, specifically in London, where gardens are not always an option.

 

Pet-friendly

Rental properties that are pet-friendly ranked in fifth, as the word ‘pet’ was one of the most used keywords.

 

Whilst as few as 7% of landlords advertise their homes as being suitable for household pets, this could change in the near future, as a new agreement has been introduced that prohibits landlords from automatically banning pets.

Last year saw a 20% increase in demand compared to the year before, with a variety of factors contributing to this growth.

 

If you want further information on how to make your rental property more attractive to tenants, or you'd like help finding your next rental, then please contact our team.