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What Has The Pandemic Taught Us and How Has The Market Changed?

  Category: PROPERTY MANAGEMENT
What Has The Pandemic Taught Us and How Has The Market Changed?
  1. Demand For Larger Accommodation. With lockdown forcing people to work from home and many of these people realising they can make working from home permanent more space at home is needed. Hamptons International recently reported that the biggest growth in rental yields was in 4 bedroom houses! Up 10.6% year on year. (1 beds up by only 3.7%) The advice from rental agents to investors has always been that 1 bed properties provide the best yields. The early signs are that this advice may need to change.
  2. The 'Halo Effect'. I reported on this in an earlier blog, Click here to read However, this now seems to be the new norm. The suburbs have seen the biggest growth in rental yields as commuting becomes less of an issue with people working from home.
  3. Less Evictions. I have always advocated for good communication between a Landlord and Tenant and where a property is managed, between Agent and Landlord and Agent and Tenant. With the eviction ban Landlords and Agents have been forced into different methods of resolving issues. Often a simple conversation and some empathy can make a bad situation look much simpler to resolve. Where there is empathy and understanding both parties are far more likely to be flexible and more motivated to resolve issues. Not to mention the cost savings! Solicitors are not cheap and Landlords are rarely able to recoup costs. MoJ data says 'when compared to the same quarter in 2019, Landlord possession claims, orders, warrants and repossessions by County Court Bailiffs have decreased by 64, 75, 69 and 35 per cent respectively.'
  4. Happier Tenants. There has always been a culture within managing agents that the Landlord is the 'client' and therefore the tenants needs or demands are secondary? The Pandemic has really exposed this attitude as a nonsense and it has been Landlords that have paid the price for this. My philosophy has always been that a happy tenant makes for a happy Landlord! Happy tenants are less likely to complain, more likely to stay longer, more likely to look at rent increases favourably and far more likely to look after the Landlords property. Win, Win. That is looking after your 'client' properly.
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