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Along with the Spring weather, March has brought a sense of renewed confidence to the London property Market. With the days getting longer and the improved climate there is now a lot to be optimistic about. As we head into the spring market for both sales and lettings, we now have a world leading vaccination programme well underway and also an economic focused roadmap set out and backed by the chancellor and the government. All of which will help the businesses starting to reopen and hopefully draw in overseas visitors to the capital.

It’s been a busy few weeks for London property,

Markets have started to pick up across the board following the stamp duty holiday extension announcement, many buyers are really motivated to take advantage. It’s very much a case of fewer buyers on viewings but the ones who are out and about appear very motivated and very serious. Buyers are willing to make offers with confidence and this is driving house prices higher in London.

The mortgage market is also being driven by increased demand and confidence, the availability of mortgages to buyers with 10% deposits has seen over 300 products added by banks and building societies indicating these institutions share buyers confidence and optimism.

More property is now coming onto the market for both sales and lettings with the traditional spring rush no different to any other year. Following the property has come a fresh wave of tenants and buyers and we have seen the numbers of registered applicants increase by around 25% over the last month and over 70% year on year. Rightmove, Zoopla and On the Market are all reporting record weeks for enquiries across their markets.

Tenant numbers are starting to rise, international student have started to return with many of the universities preparing for a physical intake for the second and third quarter of 2021. Again, best in class apartments are leading the field when it comes to shortest time on the market, with a shortage of good family homes and 3, 4 and 5 beds houses and apartments being snapped up almost on first viewing.

Now is the time to get your property ready and get it onto the market to beat the crowd, the key to the spring market is being first, if you can beat the rush you have the best chance to secure yourself a very good tenant or the best buyer before the market starts to get saturated with the maddening crowds.

Things are looking bright, watch this space…

February has been another long month of restrictions and lockdown although we can finally see a light at the end of the tunnel. It certainly feels like that in the London property market!

Boris Johnson has, last week, laid out the governments road map for easing restrictions and ending the national lockdown. The prevailing sentiment in both the sales and letting market is definitely one of eager optimism with transaction volumes increasing on a weekly basis across the board. Buyers, vendors, tenants and landlords have been ready to get going for some time now.

With the UK leading the European charge for vaccinations many overseas investors are now starting to eye London as once again a safe haven for assets. With money starting to flow freely into the capital we can only see house prices in London go in one direction. Set against this backdrop we have also seen the Chancellor; Rishi Sunak indicate that the Stamp duty holiday will be extended for a further three months to the end of June. This sends a clear message that, he and the government, are committed to seeing the property market come out of the pandemic in the best possible health.

Bank bosses from several of the major city banks including Goldman Sachs, JP Morgan and Barclays have all made strong statements that they will expect all staff back in the offices as soon as this is possible. This largely dispels the myth that London is somehow going to empty out over the coming years. The return of the city will inevitably have even further upward pressure on rents and values.

The students are starting to return to London. Despite fears over Brexit many of London’s top universities have seen a huge surge in applications from across the globe. First year students are beginning to arrive in the capital from many parts of Asia, the Middle East and India. With this influx we will see the depressed prices of typical student accommodation regain any lost ground over the Covid period.

Following a trend that has now been the norm for several years, best in class properties have been selling and letting strongly against even the headwind of the global pandemic. The message from Landstones has to be to keep your property in the best possible condition and go the extra mile for a tenant or buyer.

If you are looking for an agent who works as hard for you as you would for yourself, please do give us a call.

January 2021 started in very much the same vein as the end of 2020, Covid restrictions are still very much in the forefront of people’s minds and the limitations on personal movement have created an artificial backlog of pent-up demand in both the sales and the lettings markets.

Buyers are still very keen to take advantage of the stamp duty holiday and with murmurings that the scheme will not be extended past March, buyers are leaving things late to find a property in time to complete by the deadline. Eager buyers and time limitations will always see good quality stock sell well and the market is experiencing cases of sealed bids on many top properties.

Lettings is seeing fewer tenant numbers on viewings with applicants slightly more reluctant in the second lockdown to venture out. Video viewings and tenants taking properties via virtual viewing has become prevalent again but there is still no substitute to walking around a property with a well informed and knowledgeable estate agent.

London is starting to see the beginning of a slow trickle of overseas students returning for education, this influx will begin to hoover up the availability of one and two bedroom apartments and also houses designed for the sharer market. Now is a good time to secure a bargain property if you are looking in this sector of the rental market.

With the number of available listings coming down across the board and applicant numbers growing in both sales and letting are we beginning to see the start of the post pandemic recovery of the housing market. Strong demand and continued success in the fight against the global pandemic could see record transaction numbers in 2021.

Landstones final market update before the end of 2020 is a chance to reflect on a year of extreme upheaval and turmoil in the market place. Many people have faced unprecedented personal and professional struggles throughout the year. 2020 will be remembered as the year of Lockdowns, restrictions and social distance.

2020 has without a shadow of a doubt been the year we have focused on our homes more than ever before. We have seen huge focus on our own personal space with prolonged periods of time passed in our homes. Many people have converted their spare rooms into small offices and many other have moved into new apartments with outside space and areas for educating their children.

Landstones has seen huge surges in applicants during the periods between movement restrictions with much of that excess demand still unsatisfied. Many tenants are looking for properties they know will be suitable should any further restrictions come into effect.

Moving forward into 2021 we are predicting a sharp rise in rental prices as landlords seek to regain any ground lost in 2020. If you have any questions or would like an up-to-date valuation on your property, please do not hesitate to call us.

All the team at Landstones would like to wish you, your family and all of your loved ones a Merry Christmas and a happy and prosperous New Year.

Landstones are still dealing with a high number of applicant registrations, many of them trying to get their move organised and executed before the Christmas period. We have seen a much milder second lockdown with schools and many businesses still open allowing people to continue their daily lives with slightly less restriction than the first lockdown. The government have allowed estate agents to continue trading through the lockdown and customers have been very proactive in taking advantage of this to secure a new property.

The lettings market for large family houses has heated up significantly with very high demand levels outstripping very limited supply. Landstones have seen several incidences of competitive bidding for good, well priced family properties. This competitive bidding has driven prices higher for the remaining stock available on the market.

As the end of the years fast approaches many prospective tenants have their home search firmly in focus and are in a rush to find and secure their new flat or house before Christmas. Pricing continues to be key for many landlords in the one and two bedroom flat market, tenants are still seeing large choice and are very happy to make multiple offers on many different apartments to see how motivated the owners are and if any are willing to take an offer.

Home offices and outside space continue to be the must have items, one or both of these are requested in nearly all new tenant registrations. Quality remains the watch word in the London letting market.

The lettings market has continued to show strong demand through the month of October. With the normal cycle of the markets severely disrupted this year it is hard to say what is driving continued demand but we believe it is a combination of several factors.

With further restrictions on movement due to Covid 19 weighing heavily on peoples minds, this seems to have spurned many people into action, we have seen higher than usual numbers of applicant registering with us in October; typically a month when number start to dip, many of them very keen to secure larger properties with the amenities they require to see them through any future lockdowns.

Young professionals are getting on with the life and their careers, tenancies in London for the under 30s working professionals remain very strong. We have seen applicants from many of the big tech firms such as Facebook and Google come to us through our corporate relocation department. While Covid 19 is still very much with us, young professionals are keen to mitigate its negative influence on their careers, keeping a bullish mood amongst this age group.

With many of London’s top universities conducting this year’s programs virtually the market for overseas students has seen a significant dip, however it is not all doom and gloom for student landlords as we have seen many first and second year domestic students fill this space, many young people are eager to get out of their parents homes and into the London social scene, socially distanced or not.

The short-term lettings market continues to face a strong headwind with reduced applicant enquires and the lack of overseas tourists who make up a large part of the summer market for short lets in London. The increased availability of stock also continues to put downward pressure on prices in the sector. Landlords can take some comfort as many domestic applicants who are in a period of flux and uncertainty are opting for a short let until they have a clearer picture of what 2021 will look like for their home and work lives.

Thinking about the market over the last month several things have come quite starkly into the forefront. The first one is the importance of getting the price correct for the property you are hoping to rent. Tenants are very selective and with the background of Covid everyone expects to get a deal and people are negotiating aggressively. This makes selecting an agent who is willing to fight your corner and defend your price even more important. Getting the price right in the first place is the most important issue here, many tenants will not even consider a property they feel is unrealistic as there is plenty of property to choose from.

One of our key observations is how varied Covid’s impact has been on different locations, property types and price brackets within London. There have been some clear winners and losers and the divergence of these is a stark reminder of London being a tapestry of different areas and demographics, which are driven by different factors. Family homes are doing very well in this market with many families looking for more space to allow a little more breathing room to endure another lockdown if this comes. Many families are looking to purchase near good schools and want to try before they buy with a little uncertainly in the economy coming out of Covid and maybe into Brexit.

Some of the area that have been doing very well over the previous months are Notting Hill, St Johns Wood and Hampstead, all noted for their famous outside spaces and green areas. Competition in these areas has been fierce for the cream of the crop properties, this just goes to show that keeping your rental stock in top condition is extremely important when trying to get top rent or getting the property rented quickly in a tricky market.

Flexible working and working from home continue to be a hot talking point for many people, outside space and home offices are still the hot must have requirement. Rooftops, balconies and anywhere to grow a tomato plant have seen huge click through rates on Rightmove and Zoopla.

July has not brought with it the weather we all wanted but in the lettings market it has brought a wealth of positivity and an abundance of activity. Traditionally a very strong month for the lettings market, this year we really did not know what to expect, however July transactions levels have stayed consistent with those of previous years.

The flurry of activity in the market has largely been driven by many applicants changing the way they live and changing the priorities in their lives. Outside space and home offices have jumped up the priority list with people adjusting to new ways of working and new styles of living.

Following on from the post lockdown June market, July has seen stock levels in the rental market at record highs which has been putting some downward pressure on the achieved prices in the sector. The current high stock level is giving applicants far wider choice with the average tenant now viewing over 20 properties before making an offer. The wider choice available for tenants will caused many landlords to think long and hard before rejecting a good tenant with few requests and a swift move in date for the hope of higher rent from an alternative applicant.

Price sensitivity is now the enduring theme in the market and with more choice landlords need to make sure they are getting the very best advice from a local agent that knows the market inside out. With over 40 years local market knowledge Landstones are perfectly positioned to help landlords secure a good tenant and to guide those in need of a little assistance through this more challenging market. Everyone at Landstones is committed to working harder for our clients than any other agency out there in order for us to help you achieve the most from your property.

The lettings market has continued at a frenetic pace after the lifting of restrictions on physical viewings nearly six weeks ago. There is now a real buzz in the lettings market with both landlords and tenants in a highly focused period of action. Confidence in the sector and market sentiment remain high and strong in a period of uncertainty and market upheaval.

Tenants are eager for quality and with higher stock levels than normal at this time of year they’re using their collective power to seek out the very best deals. Many landlords have recognised the increased competition and are taking proactive steps to make sure their properties are in top show condition in order to capitalise and secure a very good tenant. Landlords with stand out properties in the market are able to secure good tenants for a tenancy period that suits their particular portfolio needs best.

As economic uncertainty slowly moves into market recovery in the housing market, many potential buyers are watching with increased intensity for any signs that this should be the time to enter the market. This period always spells a boom for the lettings sector as many buyers choose a rental option for one or two years while they make a strategic decision as to buy or not to buy at the current time.

We at Landstones see no reason for the huge spike in demand for rental property to slow in the next few months. We have also seen a spike in enquires coming through our corporate relocation team as many companies rush to get offices and staff reorganised into the new economic and working landscape.

In other market news:

We have now seen the introduction into the lettings market of the (‘’EICR’’) or Electrical Installation Condition Report. This new legislation states that all tenancies and renewals commencing on or after the 1^st of July 2020 must have a satisfactory EICR in place before the tenancy or any renewal starts. The EICR lasts for five years and now sits alongside the Gas Safety Certificate which are both presented to the tenant at the beginning of the tenancy.

For more information on the EICR you can contact our management team, or for a helpful link see:

https://www.gov.uk/government/publications/electrical-safety-standards-in-the-private-rented-sector-guidance-for-landlords-tenants-and-local-authorities/guide-for-landlords-electrical-safety-standards-in-the-private-rented-sector#introduction

If you have a property that you would like us to market please do not hesitate to get in touch, we have a huge number of very serious tenants looking for quality rental property at the moment.