Here at Cross & Co we are finding the rental market has been very busy over the past few months post lockdown. We are finding enquiries have increased and the demand for rental properties are higher than ever; this is most likely due to the uncertainty that the Covid-19 pandemic has created. The job market has been hugely affected and we are finding that this has resulted in many people deciding to rent rather than buy a property. We are also finding that our tenants are staying in the same rental property longer than the usual average, this could be due to the time they have spent in the property during the months of lockdown. We feel it has given people a real perspective of what aspects they truly want from a property.
We always keep a close eye on the sales market as well as the rental market and there has been a reduction of listings in properties for sale caused by the current Covid-19 circumstances; with the economy being very turbulent at the moment due to the pandemic we feel many people are reluctant to take on a mortgage in these very uncertain times. We do feel the sales market will become busier over the next few months and that homeowners will soon start to gain confidence. On a positive note it really is a good time to buy as the interest rates are low and with the recent updates on Stamp Duty you could save even more on your property purchase than previous years.
So to conclude the demand for rental properties is now stronger than ever and if there are any uncertain landlords out there we can advise you that now is a good time to purchase investment properties. Interest rates are low and the demand from tenants is high so with the right property purchase you can get a healthy return on your investment. If you are a landlord and thinking of purchasing a property or you have a property that you would like let please contact us today and we will be happy to discuss your requirements.