With the UK once again in national lockdown, there are a few things to keep in mind if you are renting, selling or buying property.
First and foremost, the property market is open! In fact, with the stamp duty holiday ending on the 31st March and the foreign buyers surcharge tax coming in on the 1st April, the sales market has been in overdrive for the past 6 months.
However, for lettings, the market has been pretty dire these last 3 months with further reductions in rent. On the bright side, we are seeing a uplift in enquires now that we have come out of January.
For most, living in Central London was not feasible due to high rental prices but with an average of 20-30% reduction in rents we are seeing a new generation of renters coming on. Properties outside of Zone 2 have seen rents drop by just 10%.
If you are a landlord or vendor don’t worry! Prices will rebound slightly later this year in time for summer. We don’t expect pre COVID rents to come back until 2022.
In-person viewings are permitted and moving house can go ahead along with cleaners, inventories and maintenance work. Many estate agents are offering virtual viewings for those applicants that do not wish to view in person or those that are currently stuck abroad.
Our team are required to wear personal protective equipment, such as face masks and applicants must wear these at all times when viewing a property.
If you have any questions about renting, selling or buying during lockdown, contact Vesper Group today and we’d be happy to help!