Market Review 2021

Rachel Johnson market review update
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By Rachel Johnson

Managing Director

I often get asked by my Landlords ‘When is the best time to market my property for let?’ and in the past the answer is usually that there is no best time and that interest fluctuates throughout the year with approximately 4-6 weeks lead time from marketing to moving.

2021 has been an unusual year so far not just due to the pandemic; surprisingly economic strains and restrictions on movement have not prevented people from making the decision to look for a new home instead the general feeling is that people have been galvanised by the events of the last 18 months wanting to either improve on their own or look to move home.  Whether it’s down to a need for extra office space, a larger garden, better broadband or perhaps time to fly the nest it has started a movement across the market that has been hard to keep up with.

In my experience Sales and Lettings usually peak at opposing times in the year with one being busier than the other but the frantic need for a new home to buy or rent has pushed both forward together. With the Stamp Duty holiday, affordable lending and a push to reach New Homes quotas by the government the stimulated sales market has matched the interest in lettings and as yet there appears to be no slowing down. The result is several tenants competing over a single property.  Due to the healthy sales market Landlords are more often thinking of selling and reinvesting in their portfolios and so stock supplies have been affected. The sharp demand and limited availability has pushed the rents up in the last 6 months by well over 25% which is seeing some of the highest rents in the area for quite some time. So at present when I am asked the question by a landlord – when is the best time to let? Well the answer at the moment is now!