As we cautiously let ourselves see the light at the end of the very long pandemic tunnel, we are beginning to see the real impact that Covid-19 has had on the housing market.
With many of us rushing to beat the Stamp Duty Holiday deadline in July and many more competing to complete before the end of this month’s tapering off period, we ask how this has affected the rental market.
For some, particularly first-time buyers, renting is a necessary stepping stone before climbing onto the property ladder. However, it’s no secret that both sales and rental prices have risen since the start of the pandemic.
This increase in prices, brought on by a sharp increase in activity, has made many stop and think differently about their next move.
Over the next few months, we expect to see house prices begin to stabilise and begin the return to pre-Covid levels.
However, despite the introduction of government-backed 95% mortgages intended to help young people take that first step onto the property ladder, it looks like Generation Rent isn’t going anywhere just yet.
Given the unpredictability of the last 18 months, it is understandable that many are choosing to play the waiting game to see how things look once the dust settles before making any drastic life decisions.
Despite predictions and for the time being at least, for many, the smart option is to remain in rented accommodation.
This prolongs the investment opportunity for landlords with demand from renters still at incredibly high levels. We can’t recall a better time to invest.
Satisfy your interest and take a look at our investment opportunities and, when you’re ready, we’re here to talk you through everything from Buy to Let mortgages to marketing your property, from finding you the right tenants to the ongoing managing of the property.
It will be interesting to see if the government will introduce more incentives to help those make the move and purchase their own home. It was Rishi’s plan in March’s Budget to transform Generation Rent into Generation Buy but, by the looks of things, renters will have to wait just that little bit longer.