Property Market Update; The Latest News In The Property Sector

The housing market has seen one of its most difficult times during recent months. The lockdown has rocked numerous industries and prevented growth and success for others. During recent weeks, lockdown has eased allowing businesses to begin the road back to normality whilst adhering to government guidelines and safety procedures.

The housing market has once again opened its doors to help you sell your property or buy your dream home. Much has occurred in the property market during this time.

Increase of 21% of Landlords Searching for Letting Agents

Since the stamp duty holiday was implemented by Chancellor Rishi Sunak, landlord searches have risen by 21% according to letting agent data. Letting agent, Rentround, indicates many buyers are readying themselves to place newly purchased properties on the rental market.

Raj Dosanjh, founder at Rentround, said: “The stamp duty holiday has brought a flood of positivity across the property market. “I’m proud we’re helping landlords to enter the property market, save on rental fees and connect to their ideal letting agent.”

Liverpool is seeing the highest rental yields, with three postcodes in the top six.

Buy-to-let landlords Choose the North Over London

The North West is seeing a great increase of London based buy-to-let landlords due to the better returns they’re receiving. A third (34%) of London-based investors buying new property in the past year bought in the Midlands and North, up from just 14% in 2015 and 4% in 2010.

Some 41% of London-based investors purchased property in the capital, down from 75% in 2010. A landlord investing in buy-to-let in London over the past 12 months faced a £24,600 stamp duty bill on average, compared to £5,330 for an investor buying outside the capital.

Tenant and Rental Supply Demands Reach Highest on Record for June

The number of rental properties on the market in June has continued to increase, with 79 new tenants per branch; the highest figure recorded for June. Regionally, Yorkshire and Humberside saw the highest number of properties managed, with an average of 264 per branch and Wales had the lowest number of properties on their books, with an average of 104 per branch.

The number of tenants experiencing rent rises increased in June, with 29% of agents witnessing landlords increasing rent compared to just 14% in May. This continues to be the lowest number of rent increases for the month of June since 2016.

Government to Extend Help to Buy scheme 

Due to purchase delays caused by the pandemic, the government are planning to extend the Help to Buy scheme. Due to end in April 2021, the new version for first-time buyers set to replace it until March 2023.

Craig Hall, head of broker relationships & propositions, Legal & General Mortgage Club, has stated: “An extension will also help to support the growing demand for Help to Buy amongst homebuyers, including buyers with smaller deposits who now face a much more limited choice of high loan-to-value mortgages.”

John at Click Estate Agents added the following:

“It’s been an incredibly busy time for all the team here at Click Estate Agents and there’s no sign of things slowing down!”

“Several times recently, we’ve placed a house on the market and it’s sold STC within 7 days. There’s an incredible demand out there for properties and there’s never been a better time to sell!”

Whether you’re buying a new home, selling or considering letting, the experienced experts at Click Estate Agents provide an exceptionally professional service. They are passionate about selling property and make sure that you are happy at every step.

With their vast experience in the ever-changing property market, Click Estate Agents can help find the right property for you. To find out more about their fantastic services, get in touch today.

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