July Market Comment
The lettings market has continued at a frenetic pace after the lifting of restrictions on physical viewings nearly six weeks ago. There is now a real buzz in the lettings market with both landlords and tenants in a highly focused period of action. Confidence in the sector and market sentiment remain high and strong in a period of uncertainty and market upheaval.
Tenants are eager for quality and with higher stock levels than normal at this time of year they’re using their collective power to seek out the very best deals. Many landlords have recognised the increased competition and are taking proactive steps to make sure their properties are in top show condition in order to capitalise and secure a very good tenant. Landlords with stand out properties in the market are able to secure good tenants for a tenancy period that suits their particular portfolio needs best.
As economic uncertainty slowly moves into market recovery in the housing market, many potential buyers are watching with increased intensity for any signs that this should be the time to enter the market. This period always spells a boom for the lettings sector as many buyers choose a rental option for one or two years while they make a strategic decision as to buy or not to buy at the current time.
We at Landstones see no reason for the huge spike in demand for rental property to slow in the next few months. We have also seen a spike in enquires coming through our corporate relocation team as many companies rush to get offices and staff reorganised into the new economic and working landscape.
In other market news:
We have now seen the introduction into the lettings market of the (‘’EICR’’) or Electrical Installation Condition Report. This new legislation states that all tenancies and renewals commencing on or after the 1st of July 2020 must have a satisfactory EICR in place before the tenancy or any renewal starts. The EICR lasts for five years and now sits alongside the Gas Safety Certificate which are both presented to the tenant at the beginning of the tenancy.
For more information on the EICR you can contact our management team, or for a helpful link see:
If you have a property that you would like us to market please do not hesitate to get in touch, we have a huge number of very serious tenants looking for quality rental property at the moment.