The market over the last 12 months.
We are all aware it has been 12 months unlike most of us have ever witnessed before and the housing market seems to have weathered exceptionally well. As we entered the last lock down in March we all wondered would it be the start of a downward house price spiral but as we came out of the lock down the phones didn’t and haven’t stopped ringing and the prices started rising significantly. It’s too early to tell by how much (as completion figures take a couple of months to hit land registry) but it is significant. I believe it was a ‘perfect storm’ of pent up demand built up over lockdown, an influx of mainland purchasers as work has changed from office to being able to work from home. As the properties were purchased it then became the age old economic model of “supply and demand” – there simply weren’t enough properties coming to the market to cover this demand. How we fare after lockdown 2 will be for the next newsletter, however as I write this we have just had our best month for November sales in a long time..
May we take this opportunity to wish everyone a Happy Christmas… From all at Wootton Estate and Lettings agents.
The rental market is again strong as demand outstrips supply and we have seen rental prices increase across the board. Most rental properties secure a new quality tenant within a week of being marketed.
If you are a landlord you are no doubt aware of how it seems that every few months there is new legislation. Not only to be aware of but to have to act on; before we even find a tenant we need to make sure we do not break any laws or legislation within the marketing – discrimination etc and when we do find a tenant a brief list of legislation required is Gas Safety, Electrical Safety, Tenancy deposit registration, right to rent checks, furniture and furnishing regulations, energy performance certificate, Leginonella risk assesments, risk assesments in general, smoke and co2 alarms, serving section 21 & section 8’s properly, making sure the tenancy agreement is valid etc… The list goes on..
If you look after your own rental properties, then please don’t get caught out and be aware of the above legal obligation plus all the others which we have not room to mention. If we look after your rental property, you will have no fear and worry as we will take care of everything for you…