Since lockdown there has been a significant change in the property market with sales rocketing compared to the six months before lockdown, with rental properties harder to come by, compared to the demand. Even though it seems there is a decrease of rentals available, there has actually been an increase in new Landlords, but still rental properties are flying off the walls. This could be due to the new rules and regulations set out by government regarding eviction notices now being a six-month period, unless there are extreme circumstances, meaning there is more lenience for tenants within the recession. It could also be due to the recession itself, so therefore people are unable to place larger deposits down, mortgage lenders are tightening their lending criteria with higher deposits and a decrease in shorter term mortgages.
New properties that have come on the market have now returned to pre-lockdown levels on average of 25 new properties per month. In the month of July alone, Andrew Bush and myself went out to over 30 valuations, which are coming on over the next couple of months. Already so far in October we have gone out to around 15 properties, with around 9 new properties on the market. There has been a decrease in tenants, due to having a lack of properties compared to the number of applicants. The number of applicants for sales and rentals has almost doubled pre-lockdown figures, showing the demand for the property market overall.
Sales has almost tripled since lockdown, this could be due to a high level of stock with the stamp duty holiday as well as the pent-up demand. It is unclear how long this level of high sales throughout England will last, however naturally those looking to sell will try and sell before the end of March 2021, so they save themselves up to £15,000.
**Statistics from Rightmove Plus**