Lettings: A Positive Outlook for 2021
For us to look ahead to 2021, it is essential to look back and see how the rental market has changed over the past 12 months. If 2020 has taught us anything, it was that the demand for rental properties in West Sussex has been astronomical and we are expecting another busy year ahead for our lettings department.
Mark Howell, Group Operations Manager reflects on the recent turn of events, new situations and future opportunities, covering tenant demand, digital expectations and advice to landlords looking to take advantage of the high rental demand and lagging supply.
“2021 is set to be another positive year on the residential lettings market with prices remaining strong. The UK rental market has seen a resurgence in tenant demand and available rental properties in short supply, there is a terrific opportunity for Landlords looking to enter the market or for existing Landlords to expand their portfolio. Although the supply will increase, the demand will continue to outweigh this as people still look to relocate to the South Coast seeking outdoor space. We personally witnessed this trend last year, as we housed over 600 tenants.
There are several factors influencing this steep rise in demand and amidst the ongoing Covid-19 pandemic, people’s attitude towards renting has changed significantly. Ongoing restrictions and working from home have resulted in people spending more and more time at home, so outdoor space features highly on their requirement list. Search terms for properties with access to a garden (59% increase*) or a larger home (49% increase*) have increased exponentially, further demonstrating the change in requirements and demand.
The other big focal point is the stamp duty holiday coming to an end on the 31st of March and what impact this will have on the market. For lettings, it is likely that it will bring more demand to the rental market as applicants monitor property market and pricing activity which will remain strong. Also, off the back of the rise in house prices that we have seen at the end of last year and into 2021, many buyers will have been priced out of the market which will lead them to rent in their preferred area instead.
Our focus is to provide innovative solutions to accommodate the increasing levels of demand within the current restrictions, including our 3D virtual tours which we offer as standard with our marketing service. The tours turn your home into an accurate online model allowing potential buyers to virtually walk through your home anytime, anywhere, acting as a permanent open house. This has resulted in a 35% increase in offers on properties before physical viewings have taken place.
For property investors currently looking at the UK housing market, the existing high rental demand is something to consider. According to Rightmove, the south-east is now seeing demand levels at 28% higher than they were a year ago.” If you would like to know how much your property could rent for, we offer free, no-obligation property valuations. Or you are considering your first buy-to-let investment, our friendly sales team would be happy to assist you in finding an ideal property that meets the requirements that many tenants are now looking for.
Group Operations Manager
For more information or to get in touch with the team, visit your local branch today or call 01903 213 111 to speak with one of our friendly team members.
*Source – Rightmove research
Content accurate at time of publishing.