Lettings Market Updates & Property Advice!

Lettings Market Updates & Property Advice!


Welcome to the May edition of the Greenstone newsletter.

First up this month we're pleased to say the number of prospective tenants registering with agents has risen for the third consecutive month in a row, as many homebuyers choose to delay their purchase plan or rent in-between. 

Updated guidance has been released by the government on possession action, that landlords need to be aware of and follow during the pandemic in relation to renting.

Further into our newsletter, we take a look at how the market has boomed leading to more sales and higher prices. Finally, we share what buyers and renters find the most essential in the current climate. 

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

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Your stamp duty and mortgage holiday questions answered

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Tenant demand continued to rise at the start of the year

 
The number of prospective tenants registering with agents rose for the third consecutive month in March, as many homebuyers either chose to delay their purchase plans or decided to rent in between their next house sale and purchase.
 
According to the latest Private Rented Sector report, there were 84 tenants per branch in March compared to 82 in February, with the West Midlands recording the highest number of new tenants per branch, seeing an average of 157.*
 
At the same time, the number of properties managed per agent fell from 195 in February to 193 in March, with reduced rental stock making rental properties even more valuable.
 
The West Midlands had the highest number of properties managed with a figure of 260.
 
Mark Hayward, chief Policy Advisor at Propertymark, said: “this report demonstrates that the rental market continues to show no sign of slowing down.
 
“Agents have continued to support landlords and their tenants throughout the ongoing COVID-19 difficulties, and it is essential that tenancies are maintained wherever possible to ensure rent keeps flowing.”
 
Do you need our expert guidance managing your property investments and tenancies?
 
Talk to us today to learn more about our fully-managed packages for landlords.
 
 
 
*ARLA Propertymark
 



Updated guidance on possession action from the government

 
Landlords need to be aware of and follow the guidance set by the government on coronavirus and renting, which contains advice on possession proceedings, health and safety, maintenance and repairs.
 
As always, the tenant's safety should always be the landlord's first priority.
 
In line with updated guidance from the Ministry of Housing, Communities and Local Government dated mid-April, the document includes legislation to delay when landlords are able to start proceedings to evict by giving tenants longer notice periods than usual.
 
The guidance is aimed to help landlords safely let empty properties, or properties that tenants are vacating voluntarily. They should continue to work with their tenants to assist tenancies where the tenant wants to and are able to stay.
 
Conducting viewings should not happen in properties where tenants are symptomatic or self-isolating. 
 
Any visits to properties for maintenance issues must be made in accordance to the government's guidelines on working in other peoples' homes and social distancing.
 
If possible, any repairs or checks should be done in the period where the property is unoccupied. If this isn’t the case and visits are required to an occupied property, then this should be done with measures in place minimising physical contact, for example, having residents wait outside or in another room.
 
Landlords should ensure the property is prepared and ready for new tenants, which may include cleaning to minimise any potential spread of the coronavirus.
 
As a landlord, you also need to pay heed to your Right To Rent checks, with temporary measures in effect allowing these checks to be conducted remotely.
 
 
Should you need any help or guidance, please contact us with your questions.
 
 
 
 
 



Market boom leads to more sales and higher prices

 
The average UK property price has risen by 8.6%, which is roughly £20,000 in the past year. This is the highest annual rate since 2014 according to the Office for National Statistics.
 
Over the year, house prices in England increased to £268,000 (up by 8.7%), in Wales to £180,000 (up by 8.4%) and in Scotland to £162,000 (up by 8%).
 
The North West was the region that saw the highest annual growth in average house prices (11.9%), while London recorded the lowest positive growth (4.6%).
 
The figures reported by HM Revenue & Customs show that sales in March this year more than doubled from March in 2020.
 
It is estimated by HMRC that 190,980 sales took place in March 2021, a 202.3% increase in transactions compared with the previous year at 94,380.
 
Despite the tapering of the stamp duty holiday later this summer, it has been predicted within the sector that the high demand levels we're seeing will continue to propel activity and protect property prices.
 
The vaccine roll out and easing of lockdown restrictions have led to dramatic changes to consumer confidence within the UK, supporting this expectation for the housing market.
 
If you'd like to review your options buying or selling this year, talk to us today.
 
 
 
 
 



What do buyers and renters find essential in the current climate?

 
 
More than a quarter of UK homeowners and renters have claimed that their property priorities have changed since the COVID-19 outbreak.
 
Previously highly-sought after and high-value property features have dropped down the priority list for homebuyers and tenants, as they now seek different factors when looking for a property that meets their needs and lifestyles.
 
Easy commutes to work, proximity to local shops and restaurants, and local public transport links are no longer as desirable as they once were.
 
Instead, we have noticed a significant increase in those searching for more space, whereby those searching are willing to compromise on location or local amenities in return for larger bedrooms and a 'work from home' zone.
 
Having access to a private garden or nearby green space has also become one of the top preferences for homebuyers and renters, especially in light of reduced travel options this summer.
 
Are you looking to buy, sell, rent or let this year?
 
As leading agents within the local area, we're in the prime position to help you locate your next investment opportunity.