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At the time of writing we are still in lockdown dealing with the full impact of the restrictions, anticipating and hoping of some relaxation within the next few weeks.
Since lockdown the lettings market has virtually stopped with people restricted from viewings and moving into properties.
The Government has announced a range of measures to help the private rented sector, namely a stop on evictions for 3 months and buy to let mortgage payment holiday for landlords. There has however, been no direct help for tenants to assist them in paying rent.
Andrew Luxton, Partner of Stags states that despite lockdown we have been surprised by the increasing level of demand from tenants looking to move as soon as they are able. Stags have registered more applicants in the last 2 weeks, than 12 months ago. It is hoped restrictions will ease over the next few weeks allowing some degree of activity to return to the rental market.
As a firm, in anticipation of this we have been offering landlords virtual or on-line valuations, and discussing options ready for the market opening up, and getting properties on the market.
Properties currently on the register are receiving interest with viewings booked in readiness for post lockdown, or virtual tours allowing a LET to be agreed STC.
The usual letting cycle of a LET property is 3-4 weeks and as such much quicker than selling a property. This, coupled with the likely strong demand, fuelled by the uncertainty, both economically and due to the crisis itself, all suggest the rental market will be strong, and recover quickly.
For advice on any aspect of marketing and letting your rental property contact one of our dedicated rental departments or visit www.stags.co.uk.
