However, there is no denying many landlords and people looking to move as soon as they can will feel more positive about life. There is a lot of work to be done, and safety remains a priority, but anyone who is looking to move should contact Holmes Estate Agents for guidance and support.
Tenants will review their living arrangements
We believe it is inevitable many people will be keen to move home as soon as they possibly can. A lot of people’s personal circumstances have changed, and a lot of people will be keen to change their surroundings. No matter the reasons people or households have for moving home, we believe there will be significant demand for rental market moves in the near future.
This is also the opinion of ARLA Propertymark, one of the leading names in the UK housing sector.
David Cox is the CEO of ARLA Propertymark and he addressed 1,000 people from the industry in a webinar recently. Cox said; “There’s clearly a massive amount of pent-up demand in the market. Our message is just put everything on pause - don’t cancel it. The first Friday out of lockdown is probably going to be one of the biggest moving days in the lettings industry’s history.”
This indicates landlords should be in a position to help tenants move, but there is also a need to ensure landlords are fully compliant with regulations. Even though there have been many issues for landlords to deal with recently, new regulations and legislative changes have been introduced.
In 2020, landlords should make note of changes such as the abolition of Section 21, the Regulation of Property Agents (RoPA) and the Electrical Safety Regulations, due to come into effect as of July. There is also a chance there will be legislative changes related to the coronavirus pandemic, and landlords must comply with these changes if they arise.
David Cox also said; “[Post-crisis] I think they’re going to be looking at more regulation of landlords. I think we will go into a much tougher regime on property standards. We are trying to get out ahead of that with the concept of a property MOT; if we can try and shape what comes next, it’s going to be much easier for the industry to accept than to have a whole collection of laws thrown at us like we have over the past 10 years. Let’s get out in front of it, so we’re on the front foot.”
We have considerable experience and expertise in the South West of London letting market. We are ideally placed to help tenants and landlords during this challenging time. If you have any questions regarding the South West London letting market, please get in touch with Holmes Estate Agents today.