June Market Comment
Tenants and Landlords burst out of lockdown as the market starts to rebuild. We have seen a huge surge in both tenant registrations and the levels of new stock coming back to the market in the last 10 days. As lockdown restrictions start to gradually lift, many people have shown that they’re willing and eager to get on with their daily lives and start to get back to the status quo.
Landlords with vacant properties or tenancies coming to an end have been eager to get them back on the market and to see viewings start coming back through the door. Rightmove, Zoopla and many other portals are now reporting high levels of new listings and many agents have been seeing extremely high levels of stock.
With life slowly beginning to return to normal, or rather the new normal, applicant numbers have been rising fast also. Applicants are now happy, with appropriate precautions in place, to start to visit properties again, this is allowing many applicants who were keen to find a new home but were reluctant to take a property from a video or virtual tour to fully commit to their new property.
With the vast majority of estate agents still closed or only partially open, Landstones are experiencing one of the busiest months on record. Despite the press coverage and predicted doom and gloom, the market is buoyant and very busy. Our message to landlords is, with higher stock levels and more to choose from for tenants, if you get a good offer from a suitable tenant to grab on with both hands. Our message to tenants is to find a good property quickly before things start to get scarce again, stock numbers are artificially high and will soon return to normal as the good deals get hoovered up.