What impact has COVID had on the property rental market?

Blog feature
Written by Julian Ferrier

Now that in-person viewings are once again able to take place, and restrictions on travelling between counties have been lifted, the UK property market – for both lettings and sales – has experienced a bit of a boom in the early months of this year.

Whilst the Government’s extension to the stamp duty holiday and 5% deposit mortgages have seen a rise in homebuyers’ demand for property, thereby incurring a rise in selling prices, similar increases have been mirrored in the UK’s property rental market, with a marked increase noted in 10 of the 12 regions of the UK.

According to Homelet, the average rental price in the UK in January 2021 was recorded at £981 – up 0.2% on the previous month, and up 2.9% on 2020’s figures, whilst research conducted by Hamptons revealed that rental values across the North have increased by approximately 6.8% compared with last year.

Rental values may have gone up, but is your lettings agency adjusting your rent to reflect these changes in the market?

Unfortunately, not all lettings agents will keep an eye on changing market trends, but that isn’t the case with Pearson Ferrier.

Having provided comprehensive lettings management services for 25 years, we make sure we’re always up to date with current market rates in the local area, and will assess any changes in the market on a continual basis to ensure you’re receiving the correct rental price for your property. If not, we’ll approach your tenant on your behalf and handle all necessary paperwork to affect any changes to your rental price accordingly.

A bit more information about our property management services

With so many rules and regulations to abide by, we know how stressful it can be to prepare your property for let, and to manage the tenancy once your tenant has moved in.

Our team is here to relieve some of that stress. We’ve operated a successful property management service for 25 years, and we’re here to be the first point of contact for your tenant, taking care of all paperwork and maintenance work, so that you can focus on your other responsibilities.

Our property management services include:

Rent collection
At the beginning of every month, with the rent paid into your account within 7-10 days

Maintenance
And timely repairs, should any issues arise

Inspections
To make sure the tenant is taking good care of your property

Regulations and updates
To ensure you remain fully compliant with the law

Find out more here

Ready to find a tenant for your property?
Why not take advantage of our 25th anniversary giveaway?

List your property for let with us any time between 1st April and 30th June 2021, and you’ll be entered into our monthly prize draw to win £500!

Visit our blog post to read the terms and conditions, or call our offices to find out more and get the ball rolling!

Do you know what your home’s worth?

We offer a free, no-obligation market appraisal, which will be followed up with a comprehensive property valuation report.

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