Lettings & The Covid Rollercoaster
Lettings & The Covid Rollercoaster
When the world came to a close on 23rd March 2020, the lettings market pretty much went into shutdown along with it.
International students, foreign workers left in their droves and students left the city to wait out the lockdown in the comfort of their parents’ country homes, leaving the lettings market in a sorry state and landlords anxiously waiting to see how the market would bounce back.
Throughout the pandemic the treasury were keen to keep the property market afloat, so we were among the few industries still working. My colleague and I had the bizarre experience of visiting a lettings property in Kings Cross and being the only people in the whole of Kings Cross station.
As the lockdown restrictions were eased the Sales market had the boost of the Stamp Duty Land Tax holiday and the boom that ensued was a shock even to the Estate Agents. Meanwhile, the lettings market was much slower to react and from June 2020 until the Spring 2021, the lettings team were having to work very hard to keep their landlords happy. With a plethora of empty properties, their experience and great marketing was key to bucking this trend.
Since Spring 2021 the fortunes of the lettings market have taken a sharp turn for the better. Tenants are back. Both from the UK and as the international markets open up, we are also seeing demand from overseas tenants surge in London.
During summer 2021 we saw demand outstrip supply and the inevitable increase in rental values ensued. However, for many landlords they were simply getting back to the pre-pandemic levels where the returns were much higher.
We now have an increasing demand for family homes, where demand is currently outpacing supply a lot of families who have sold are seeking short – midterm rentals for the fall.
Properties within selected locations are currently obtaining premiums which include those within proximity to Channing, Parliament Hill, APS & St Michaels.
We have seen positive movement within the rental market and have found an increase in registrations, viewing levels and offers are in line with pre-pandemic levels which fills us with optimism for 2022.