Everyone will now be aware of the great exodus from London into the home-counties and beyond, creating a mini housing boom that none of us could have predicted just a few months ago. It’s a pleasant side effect of what has otherwise been a terrible year. We will also be very conscious of the recession headlines and impending very difficult times ahead, not just the UK but globally. So how does a recession sit alongside a housing boom? It’s unlikely to be sustainable for sales but our experience of markets shows lettings offers more fluidity during times of uncertainty. It gives immediacy, the ability to try out an area before fully committing and cutting down on tricky chain situations to be in a stronger position for a forward purchase. Its already having an effect and the home-counties are experiencing a great shortage in family homes to rent. We are letting houses on the first viewing and without marketing. This is unusual for August and September which are traditionally slower points in the season. The need for good quality rental stock, correctly priced is immediate and we remain confident that it will last through this year and into next year, regardless of what the economy or mother nature throws at us. More companies will start to allow people to work from home (or ‘live at work’ which may be more apt!) and this will continue the conversations within families about whether they need to live in the metropolis anymore. Renting makes this decision quicker and easier to facilitate. If the sales market does slow down then this won’t dampen the bigger picture to leave the capital and people will look at letting their home instead so this should help fuel the demand.
Predicting the market has been incredibly tricky this year and therefore now is the time, more than ever when you need real and honest advice backed up with expertise and knowledge. Why not call or pop in for a chat. We love to talk property.