Today marks exactly one year since the UK went into its first lockdown. 12 months later, we’re taking a look at how the lettings market was impacted and what effects this will have on the future.
Spring and Summer 2020
After a great start to the year, with the market being stronger than expected and tenancy applications being higher than usual, the Property Industry stalled in mid-March. Boris Johnson’s sudden announcement that Lockdown regulations were being put in place and no house moves were to take place, except for in extreme circumstances, meant Letting Agents and Property Managers had to scramble to cope with the dramatic turn of events.
However, when regulations started to lift in May, the Industry got creative, finding new ways to operate whilst keeping Tenants, Landlords and Employees in the Industry safe.
Autumn and Winter 2020
Surprisingly, when Autumn and Winter came around- the lettings industry saw a lot of activity. With people spending so much more time at home this year, priorities around what makes the perfect home shifted and many people were looking to move.
Despite lockdown rules and regulations constantly changing, house moves were always permitted- meaning the industry could keep going (albeit with caution, face masks and lots of social distancing).
This is true for everywhere except for London. With no commute to worry about and no way to enjoy the greatest parts of London- restaurants, bars, theatre shows, etc. - many people decided to move out of the capital and back to the suburbs.
2021 and beyond!
Industry predictions suggest that COVID-19 is going to have a lasting impact on the lettings industry.
Even as the world goes back to normal, some of the new ways of life are here to stay.
Whilst offices are due to re-open in the summer, it’s likely that the Working-From-Home culture is here to stay. The majority of workers are hoping to go back to the office for only a couple days a week, and work remotely for the remainder.
What’s more, there’s been a lasting shift in priorities when it comes to choosing the perfect property. Having learned to really value and appreciate staying at home, people are looking for properties with more space, gardens, pet-friendly contracts, and the freedom to put their own stamp on the decor. They also want to live in less populated areas and are looking to move closer to family.
So, as a Landlord, how does your property measure up? How can you attract more tenants in the booming market?
For help or guidance from our team, get in touch!