3 minute read
covid impact on the rental market
property What effect has Covid had on the rental market?
Green Door Property Management 01462 510765
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www.greendoorpm.co.uk
Looking back to March 2020 when the Covid-19 Pandemic hit, there was so much uncertainty for so many industries what the impact and outcome was going to be. For us in the lettings industry, we faced many changes and challenges especially in the first lockdown. The government announced we could not carry out viewings, allow move in’s or move out’s to take place and we had many tenants worried about paying their rental. Landlords also had their worries about their rental being paid, and then we had the government increase the notice period for landlords to bring a tenancy to an end from two months to six months. It was an uncertain time. Shortly into the pandemic the furlough scheme was introduced, and most tenants were able to keep up to date with their rental payments and business for us was able to slowly resume again in Autumn 2020, with more precautions in place of course. Throughout the pandemic the government also introduced some stamp duty cuts on the sale of properties, so some landlords took the opportunity to sell their property and exit the rental market. If we fast forward to now, January 2022 the rental market is extremely strong, rents are at a very good rate and demand is high. We have lots of tenants registered with us who are looking to move. Some applicants are moving into the area from further south of the country, some are coming to the rental market because they have sold a property whilst others are looking for their next home as they require somewhere bigger or are downsizing to somewhere smaller. With the landlord notice period to bring a tenancy to an end now reduced back to the pre-pandemic level of 2 months together with the market being so strong it is a great time to become a landlord. If you are a landlord and have a current tenancy which you need some advice on or if you will be looking for a new tenant soon and need some assistance, please get in touch. We would be happy to help.
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4 Specialists in lettings and property management with over 30 years experience 4 Members of ARLA
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T: 01462 510765
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