The property trend as a result of COVID
Please let us introduce our Property Expert Lauren Yates from LY Property who is here to provide and equip you with some useful information on the property market as a result of Covid 19.
LY Property is a bespoke property service situated in the heart of Cheshire. The company sells, lets and also finds properties for their discerning clients, purchaser, vendor, landlord, tenant, investor or a developer who requires an efficient, personal and flexible service with dedicated time management taking the hard work away from you. Lauren has 19 years property experience having originally worked and gained invaluable experience on the high street.
LY Property was created when she noticed there was a niche in the market to provide a more personal and targeted approach to help clients.
Lauren 2020 has been an uncertain year for many people how has this affected the property market in Cheshire?
Well, you can say that again! 2020 has been a very uncertain year but so far, the market has remained strong in Cheshire even in these rapidly changing times. We are currently experiencing a mini boom mainly due to the government’s stamp duty holiday meaning buyers could potentially save up to £15,000 in tax if they move before April 2021.
Has the business operation in property changed because of COVID?
I was particularly lucky because I already worked from home so there was very little disruption or adaption due to Covid for LY Property. I do think that with Estate Agents being forced to shut their offices, staff working remotely and more clients wishing to view a house from a safe distance – i.e. digitally via Rightmove, with virtual viewings on the increase, it has to be raising the question do we still need an office?
Do you find more clients are wanting to rent a property rather than purchase?
Here is an interesting fact for you – Just over half of tenants rent because they cannot afford to buy. We are however seeing people who are selling at strong prices now and then opting to rent while they wait to see how severe this recession will be and how that might impact property prices.
I also think that the increasing uncertainty surrounding employment and job security means many more people will be looking to rent, as opposed to committing to a mortgage – it will all very much depend on the decisions made around the furlough scheme next year and how quickly our economy recovers.
Have property prices increased or decreased because of COVID 19?
The average asking price of properties coming to the market has increased by 5.5% in comparison to last year and stands at an all-time record. With increased transactions happening across the board, mortgage approvals are on the up which means house price growth looks strong and we expect this positive trend to continue, at least in the short term.
Do people still want to move from their property, or do you find that they would rather stay put and renovate their existing home?
Whilst there will always be a need to move there has been a significant number of people making home improvements with online planning applications up by 20%. Homeowners like to add value to their properties and so have been investing in new kitchens, bathrooms, creating open plan living space, loft conversions and not to mention the much-needed home offices.
Have rents increased or decreased because of COVID?
In general, that’s a trend driven by supply and demand, having said that, there currently is a demand for rental properties, therefore we have seen an increase in price for properties coming to the market. That being said we have also seen a trend for existing rentals to remain unchanged at the point of renewal, as landlords see tenants with good, reliable paying attributes to be more valued than and increase in their return. It is also worth noting that we are increasingly seeing flexibility and shorter terms being introduced to contracts.
Are you able to safely view potential properties with clients?
Of course! With strict social distancing measures firmly in place, limiting the number of viewers in the property at any one-time, regular use of hand sanitiser and the wearing of face coverings appointments can be carried out safely and professionally.
Have there been any remarkable changes because of Covid, and do you think people can still buy with confidence?
Apart from the obvious stamp duty holiday, following the first lockdown, there has been a big pent up demand for homes with gardens following on from the pandemic and this has driven confidence. However, the longer-term view remains more cautious and confidence is everything…
To contact Lauren or for more information on the services LY Property Consultants offer, visit – LY Property Consultants