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After 14 very long months, the ban on bailiff-led evictions came to an end (on 31 May), and the notice period that landlords need to give tenants has now been reduced from six to four months.While many have little sympathy for landlords, who are seen as the “rich” beneficiaries of the private rented sector, it is important to remember that many landlords’ finances, as well as tenants, have been severely strained during the pandemic.  Despite this, the government has expected private landlords the bear the cost when tenants could no longer pay rent, with little or no chance of recouping their losses.

For well-capitalised landlords with more than one property, the hit has perhaps been easier to take. But more than half of landlords in the UK are said to have just a single home for rent. For those smaller landlords who rely on rental income to pay for their retirement, for example, or who have mortgages, the consequences of this have been catastrophic and could well be the impetus to sell up for good.

According to a survey by the NRLA, one-third of landlords are now more likely to leave the market altogether or sell some of their properties…and let’s be honest, who could blame them?

Landlords have been treated as villains for far too long now, when in fact the vast majority are providing lovely homes with an excellent service that is supporting the growing demand for rental properties.

 

It is a short-sighted view to be pushing private landlords out of the market, which will ultimately result in higher rents for tenants. The alternative for those that can’t afford the already astronomical cost of renting will be to resort to the social housing sector, which successive governments have run down in size and funding.

House prices, whilst currently at record highs, are predicted to fall as the stamp duty holiday comes to an end. Landlords are already facing higher tax bills so now seems like the best time for many to sell up and get the best price they can for their properties.

Despite the eviction ban having ended, some landlords do not want to wait any longer to regain possession of their properties and are looking to sell with their tenants in situ. Whilst this can mean that landlords may take a slight hit financially, in the long run this is likely to be negligible owing to the current market conditions and avoiding eviction fees.

If you have a rental property or portfolio that you would like to sell quickly, WeBuyProperty can discuss your options, provide a no-obligation valuation/cash offer and, if you decide to go ahead, transact within a matter of weeks, without ever having the hassle of putting your property on the market.

 

For more information contact: 0207 449 9797 or info@webuyproperty.com

In this week’s blog, I would like to bring to your attention issues surrounding a species of plant known as Japanese knotweed.

It is highly invasive and destructive to properties due to its extensive above-ground canopy and underground roots. It spreads rapidly, grows in clumps and produces dense bamboo-like canes which can grow up to 7 ft tall. It has the ability to destroy walls, driveways, patios, and even underground drains and is extremely difficult to kill.  Therefore, its presence can have a devastating effect on residential property sales, reducing a property’s value and making it difficult to sell.

Sellers have a responsibility to check for Japanese knotweed, disclose the presence of the plant during pre-contract enquiries, and form a plan to remove it. Failure to report it or deliberately conceal Japanese Knotweed could lead to sellers being sued for misrepresentation and liable for compensation.

Similarly, estate agents have an obligation under consumer protection regulations to advise prospective buyers of any material facts that could affect their decision to buy, such as the presence of knotweed.

Although extreme cases are rare, you should be aware that the presence of Japanese knotweed on your land (or indeed land that adjoins it) can cause property sales to fall through. Many surveyors are now trained specifically to spot knotweed and bring it to the attention of interested parties, such as lenders, which can often result in a recommendation not to lend. Mortgage lenders typically abide by a rule of 7 metres – if the weed is within this distance of the property, they are unlikely to lend.

Getting rid of Japanese knotweed is not as simple as using your everyday weedkiller. Instead, it is recommended that property owners appoint professional contractors with access to a more powerful weedkiller.  Digging out Japanese knotweed also requires professional help, as disposing of it is classed as controlled waste under the Environmental Protection Act 1990. This means the plant needs to be disposed of at licensed landfill sites.

Recent research from Environet found that approximately 5% of homes are currently affected, either directly or indirectly (neighbouring an affected property).  Bolton, Bristol and St Helens in Merseyside were identified as the top three worst affected locations in the UK. Others in the top ten include Cardiff, Blackburn, Llanelli, Swansea, Rotherham, Shepherd’s Bush and Nottingham.

If you think your property could be at risk of being affected by Japanese knotweed, we highly recommend you get it treated as a matter of urgency. If you know your property, or a neighbouring property, has it and this is affecting your ability to sell your property, feel free to contact WeBuyProperty. We can discuss the extend of the problem and offer you a no obligation valuation to buy your property for cash.

 

Phone number: 0207 449 9797
Email: info@webuyproperty.com

As previously discussed, Chancellor Rishi Sunak’s stamp duty holiday has certainly added fuel to pent-up demand among buyers and spurred many into action. The result of which is sky-high property prices, and a severe shortage of stock on the market.
As either a buyer or seller, moving can be stressful at the best of times.  But, in the currently overheated market, there is a sense of frenzied urgency, and many are feeling enormous pressure to make fast decisions.

If you have chosen to sell or buy a property through a traditional estate agent, you must remember this is one of the largest transactions you will ever make.   With this in mind, it may be helpful to be armed with a little knowledge about how the system works and what to say and what not to say to estate agents.
Estate agents essentially represent sellers – that is who they are getting their commission from. Therefore, as a buyer, agents are not only going to do their best to squeeze the very best price out of you, but in the current market they are going to want to know why you are the right/most reliable buyer amongst the pool of other buyers they have lined up considering the same property.

 

There is a really fine balance, particularly when buyers are asked to submit sealed bids, between putting in an offer that will ensure you secure the property and over-paying in a desperate attempt to ‘win’. While demand is high for many homes at present, never consider overpaying for a property because you think it will be your “forever” home. It is still just bricks and mortar and has a market value.
It is important to look beyond just price.  Sell yourself as a buyer on your ‘proceedability’ and ‘flexibility’. Being able to move faster and complete quicker than others could give you an advantage over other buyers.

 

One other issue in the current market is sellers are putting their houses on the market to achieve the top price and selling them straight away – but in many cases they haven’t found anywhere to move to yet. If you can get a mortgage agreed and be flexible about time frames, even be in a position where you have nothing to sell (i.e. you have already completed on yours) but have somewhere to stay, that can be a huge bonus for a seller, just as much as price. It means as soon as they find somewhere, they know you are ready to go.
Similarly, if you are a seller, don’t be too short-sighted by only considering the highest offer. Understand from your agent each of the prospective buyers’ personal circumstances. Have they sold? Do they have a mortgage agreed or are they cash buyers? Are they in a long and complicated chain which could increase the risk of them pulling out?Many estate agents offer other professional services, such as mortgage brokers, solicitors, surveyors etc. They will usually get a kick-back whenever they introduce a client to one of their associated services, which is why they will often try to upsell.

Whilst this can be a really great way to ensure a smooth transaction, especially when all parties are used to communicating on a regular basis, it is important to know that as a buyer or a seller, you are under absolutely no obligation to use an estate agents other professional services.

 

It is always a good idea to shop around for a deal before you commit to anything and make sure you are comfortable with the company you select. If you have absolutely no idea, speak to friends or colleagues who may have moved recently. Find out how much they paid and what kind of service they received. Were there any hold ups?

 

My final word on this, is that that the current market is like nothing we have seen for many many years. In some ways it is false, as nobody really seems to know what anything is really worth any more. If you have to move right now, be cautious. Make sure you are selling because you want to move, not just because you want to achieve top whack (you will also pay top price for whatever you go on to buy, so it is all relative).   If you are buying, be sure you can really afford it, even if interest rates were to rise…which in time they will.

Of course, if entering what has been described by Henry Pryor as a Bankers Drinks Party is not for you, and you would rather sell your home privately without the frenzied home-moving politics currently surrounding the market, perhaps consider giving WeBuyProperty a call.

We will offer you a no obligation quote, you won’t pay agent fees and we will transact within a matter of weeks – you neighbours need never know until the removal van pulls up!

To discuss in more detail or for any queries, please contact us by:
Phone: 0207 449 9797
Email: info@webuyproperty.com

This week marks a year since the property market reopened following the first lockdown restrictions in England. As we know, it has been quite a year for the housing market with pent up demand following Brexit, and then a national lockdown, meaning more homeowners than ever have been reconsidering their living environment.

So which areas have seen the biggest hike in property values and which have lagged behind the front runners?

According to Rightmove, Wallasey in Merseyside has seen the highest rise in house prices in the UK – where properties have gone up by at least 15% from last year.  A year ago, the average house price in the area was £152,858 – it’s now £176,707. This was followed by Leigh in Greater Manchester where the average property price has risen by 12.8 per cent to now stand at £160,345.

 

It’s clear to see from the above table that the North West has outperformed most other areas with house price growth at 12.4%, followed by Yorkshire and the Humber (10.3%).

Interestingly, the traditional north-south divide on house prices has been turned on its head, with London the UK’s worst-performing region and north-west England topping the table.

According to Nationwide’s figures for the first three months of 2021, London was the UK’s weakest performer, with annual price growth falling to 4.8%, down from 6.2% in the final quarter of 2020. Of course there are a few anomalies if you were to look at specific areas of London.

For example, in terms of the largest monetary increase, Islington ranks top with prices up £67,000 since May of last year. Ealing (£53k), Rother (£51k) and Merton (£51k) have also seen prices climb by more than £50,000.

Windsor and Maidenhead (£47k), Bath and North East Somerset (£47k), Stratford-on-Avon (£46k), Cambridge (£46k), Sutton (£45k) and Surrey Heath (£44k) also rank with some of the highest monetary increases in property values in the last year.

Rightmove says that a quarter of all properties now sell within one week of going on the market – the fastest it has ever recorded.

 

However, Location Location Location presenter Kirsty Allsopp recently spoke of her concerns at the heated property market while filming a new episode of the Channel 4 show looking for properties in Cheshire and North Wales.

She said at the time: “The market is scarily heated. Given the fact that 17 percent of people are still on furlough and the economic impact of Brexit and Covid is unknown this feels troubling.” Frankly, we couldn’t agree more.

A shortage of people selling their homes means that demand from buyers is increasingly outstripping supply, accelerating house price rises across the UK. Of course, what this also does is leads to the collapse of property chains. Because of the buoyant market and covid measures, the vast majority of estate agents have been advising prospective buyers that they must be proceedable to even view a property i.e. they must have nothing to sell or already have accepted an offer on their own property.

This not only limits estate agents carrying out unnecessary viewing with people who are not particularly serious about moving, but also gives sellers a good selection of proceedable candidates from which to choose.

However, whilst many buyers have gone ahead and ‘sold’ their houses over the last view months, we are now facing a situation where many of these homeowners can’t find anywhere to move to. Some buyers are accepting of this and willing to wait, but the risk of a large number of chains collapsing is increasingly likely.

So, whilst agents are rubbing their hands in glee at the ever-rising commission they will receive when these sales complete, at prices extortionately inflated versus a year ago, there could be a long wait for some.

If you wish to sell but would prefer not to put your property on the open-market through a traditional estate agent, perhaps you want to avoid the agent fee or don’t like the idea of multiple viewings at your home, WeBuyProperty can offer you a no obligation valuation to purchase your property for cash.

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Rising house prices are threatening to undermine the buying process as ambitious sellers and agents are hitting a bump in the road when it comes to lenders’ valuations. Here’s how:

Let’s assume you have seen the headlines about rising house prices and have decided to take the plunge and sell up for pastures new. You have your property valued by a few local agents, decide which one to appoint and within a few days your property is on the market. In the current climate, many vendors are seeing high interest in their properties due to the imbalance of supply and demand, resulting in some ending up in a bidding war.

You then accept an offer from a prospective buyer who has a mortgage agreed in principle and everything seems to be progressing along nicely. Next, the buyer begins their mortgage application.  The lender will always carry out its own independent valuation on a property.  This is to check the property is something that fits within its lending criteria, and that the amount being paid represents market value.

However, the surveyor says the property is worth less than the price that has been agreed – it is down-valued. This now presents a problem for both the seller and the buyer.
Let’s say your buyer was purchasing your property for £330,000 with a mortgage covering 90 per cent of the value, the mortgage amount required would be £297,000.

If the valuation then came back at £310,000 for example, your buyer’s 90 per cent mortgage would now only cover £279,000 of the purchase price, leaving the buyer having to make up the £18,000 difference themselves if they wished to stick with the same mortgage deal.

If the buyer does not have access to any other funds, such as savings or means to loan the additional money, the only other solution is for the buyer and seller (you) to renegotiate a new price. Of course, at this point, many sellers are already banking on achieving that agreed price for their ongoing purchase.

 

In the present Covid climate down valuations appear to be increasingly common – the recent stamp duty cut has seen high demand from buyers, but at the same time the economic uncertainty means lenders are operating with much greater caution.A survey of 1,000 buyers whose transactions spanned the first six months of the Covid crisis, found 46 per cent have had their prospective property down valued by their chosen mortgage lender after a sale and price had been agreed with the homeowner.

While most were down valued by between £5,000 and £10,000, one in four were hit with an adjustment of up to £20,000.

 

So, yes, the current market is certainly in sellers’ favour, but be mindful not to be too ambitious as it can result in a sale falling through and you having to start the whole process again.

WeBuyProperty can offer you a no-obligation valuation to sell your property for cash within a matter of weeks. This could save you significant time and hassle having to go through the traditional route, which is currently taking as long as five or six months to complete due to high demand.
To discuss in more detail or for any queries, please contact us by:
Phone: 0207 449 9797
Email: info@webuyproperty.com

If you need to sell your house fast, you might have been considering ways you can go about it. In the current ‘sellers’market, you could also be led to believe that you can use a traditional agent and your property will go on the market today and be sold by tomorrow.

In actual fact, in many cases right now that is happening. However, what it does not account for is the lengthy process that follows the point of accepting an offer. There can be so many twists and turns in the sale of a property, from buyers pulling out, mortgages not being approved, properties being down valued (more on this next week), and of course surveyors finding something wrong with a property, that it is rarely plain sailing

Whist having these thoughts, you may also have considered using a quick house sale company. In a nutshell, they offer to buy your house quickly at a discounted price. However, there are, like all industries, rogues out there who can mislead homeowners causing them to lose out financially.

 

So, WeBuyProperty wanted to offer some honest advice with pros and cons to help you in your decision.

The idea of organisations like WeBuyProperty is to provide a useful service for homeowners who need to unlock cash in a hurry. Some companies are able to buy your house within days and pay all fees (such as for solicitors and searches) for you.  They pay cash for your property and usually buy at a discounted rate.Pros

• Avoid repossession, clear debts or sort out financial issues
• Move for age or health related reasons
• Dispose of inherited property
• Sell as a result of relationship breakdown or divorce
• Want to sell quickly due to ill-health
• Relocate due to a change of job or to emigrate
• Good way to sell a challenging property (Short lease, high flood risk, subsidence)

Cons

• Some companies agree to buy a house, but then reduce the price at the very last minute. The company should make clear to the owner that the valuation is subject to change based on further investigation
• Fee structures are not always made clear and these should be totally transparent
• Some companies make false property valuations
• Some contracts tie customers in, preventing them from selling to anyone else who might come along with a better offer

 

What can you do to protect yourself?

Just like traditional estate agents, the quick house sale market is not regulated so consumers aren’t protected when selling a property to one of these companies.

However, the National Association of Property Buyers (NAPB) ensures all members must register with The Property Ombudsman (TPOS) and adhere to its Code of Practice. By using a member of the NAPB or a company registered with TPOS, homeowners can access its independent redress in the event of a dispute.

The NAPB is a not for profit organisation that alongside The Property Ombudsman promotes high standards in the quick property sale sector. All members must follow a strict Code of Conduct to treat sellers fairly.

WeBuyProperty is proud to be a member of NAPB – to check you can visit www.napb.co.uk.
We would also recommend you only ever use a traditional estate agent which is a member of one of the government approved redress schemes, The Property Ombudsman or Property Redress Scheme.

 When it comes to selling, whether through a traditional agent or to a quick sale agent, I would always advise vendors to do their own research too. Understand what is happening in your local market right now, have an idea what you home is worth if you were to take it to market, but keep in mind you will be offered less for a quick sale – but you still want it to be fair. You should also be honest about any material information to do with your property, for example, if you know it is in an area with a high risk of flooding. This will help the company give you an accurate valuation from the outset and prevent hold-ups further down the line.

Always use a company which is a member of TPOS and NAPB as above.

If you have any questions, big or small, about selling your home through a quick sale agent like WeBuyProperty, we are happy to answer them. We can also provide a no obligation valuable or just give you some guidance on your current situation if you aren’t quite ready to sell yet.

Phone number: 0207 449 9797
Email: info@webuyproperty.com

The property market is undoubtedly experiencing a prolonged frenzy of activity which has driven UK property prices to a record high this month.  Online property portal Rightmove said the average asking price jumped by 2.1% in April to a new all-time high of £327,797 –  an increase of £6,733 from March. The number of sales agreed is up by 55% on the same period two years ago, reducing the stock of properties that are available to buy to the lowest proportion ever recorded. 145,000 properties were newly marketed this month, but Rightmove says this is still not enough to meet buyer demand.

As we have said before, this activity has been largely driven by a shortage of houses on the market.  The coronavirus pandemic is driving many families to search for properties with extra space and away from inner city locations, as more people make a more permanent move to working from home.

But as the old saying goes, what goes up must come down, right? Well, at least that is what has historically happened in the housing market over the years. But this bubble is different and I, like many other property professionals, am starting to think that, whilst there could be a slight softening in prices when the stamp duty holiday comes to an end, this is not a bubble that is going to just burst any time soon. But how can it continue, I hear you ask.

The housing market is not what it used to be and with the pandemic crisis seeing interest rates slashed last year to yet another all-time low, prices are being steadily inflated.

The US Federal Reserve sets the tone for other central banks and is telling financial markets that ultra-low interest rates could be with us for years.  Look at Europe as an example – The eurozone base rate is now -1%, so mortgage rates in the UK could still go lower if required. House prices are rising but wages are not, so affordability is all based around rates.

 

With worldwide economies extremely fragile, this would not be the time to start raising interest rates. So it would seem that this new era of cheap money could be with us for some time to come. If you combine low-borrowing costs with first-time buyer incentives, such as the new 95% mortgage guarantee scheme and building grants, it is possible that property prices will keep rising despite the coronavirus recession.

 Of course, whilst this is great news for sellers, it has also created a very competitive and highly charged market. Sellers are often overwhelmed by the number of viewers wanting to visit their property and underhand tactics by agents to achieve the highest fee. There is no quietly and discreetly slipping your property on the market these days, agents are fighting for every instruction so social media has become a big part of their overt marketing tactics.

Perhaps you want or need to sell your home but don’t want the fanfare that comes with the current market climate? If you would like to know how much WeBuyProperty would offer you for cash, without having to take your property to the open market, we will give you a no obligation valuation. We can also transact within a matter of weeks.

Phone number: 0207 449 9797
Email: info@webuyproperty.com

This month, a new property portal, planning to ‘revolutionise the property market’ and disrupt the existing dominance of Rightmove, Zoopla and OnTheMarket, has finally launched after two years in the making. The question is, will ‘Boomin’ live up to its name or end up like the many others which have tried and failed before?

Backed by Purplebricks’ founders Michael and Kenny Bruce, the aim of Boomin is to transform the property market for all, both agents and customers alike.

For agents it has promised to get customers engaging with agents like they used to, to give agents unprecedented life-long exposure, increase productivity and increase revenues during and long after the transaction. Whilst there is no denying that some leading agents have taken the decisions to sign up to Boomin, I think it will take a lot more than promises to change the Bruce brothers’ long-standing anti-agent image that has existed in the industry since their Purplebricks days.

For consumers, aside from the usual browsing features of the traditional portals, Boomin has added Secret Properties, the Sneak Peak and MatchMaker features, as well as having a utilities section, which could prove convenient for homeowners and renters as well as a lucrative market to tap into.

Secret Properties – This is where, let’s say a property is being valued, an agent can list basic details such as the approximate area, number of bedrooms and bathrooms of a property, but not enough that it can be identified. Prospective buyers can then register potential interest – a clever way for agents to assess demand and hopefully win the instruction off the back of it.

Sneak Peek  – This is where agents can offer prospective buyers a sneak peek at a property 14 days before the property is fully listed on the other portals, allowing Boomin users early access. To me, this seems to benefit the portal more than homeowner, who is effectively restricting the number of potential buyers who may see their property.

Matchmaker – This is perhaps the most controversial of features, described by Boomin as “a unique service that helps buyers connect with homeowners who aren’t on the market. Simply place an advert pinpointing your dream locations and potential sellers can ask to be introduced, with the support of a professional local Estate Agent.” Whilst this sounds like a great idea, rather like a dating app, will it work in practice? It relies on prospective sellers, who may not have even considered selling, registering with Boomin.

 There are also other features which are yet to be developed fully, such as the idea that if you see a particular piece of furniture in a home for sale or rent on Boomin, you will only be one-click away from purchasing it. A great idea and concept, given the fact that many people browse houses on the market for their own interior design ideas, but whether this will materialise is yet to be seen.

With 5000 registered agency branches, in comparison to Rightmove and Zoopla who have in excess of 19,000, there is clearly still quite a way to go. However, with Channel 4, Foxtons and Mortgage Advice Bureau having all agreed to take a stake in Boomin, alongside existing investment from DM Capital, a pledge to spend £50 million on marketing over the next three years, and former Virgin Group chief executive Stephen Murphy as the company’s new chairman, it’s clear Boomin mean business.

Buy, if you can’t wait for buyers to start ‘Boomin’ and you need a quick sale now, WeBuyProperty will purchase your property for cash and transact within a matter of weeks, all without your home ever having to have appeared on a property portal. We will provide you with a no-obligation valuation and explain the entire process to make it as simple and stress free as possible for you.

Feel free to get in to contact:
Phone number: 0207 449 9797
Email: info@webuyproperty.com

Bridging loans are used in a number of circumstances, particularly by property investors wanting to purchase for buy-to-let or development purposes, purchasing a distressed sale or via auction. They might also be used by people who don’t want to miss out on their dream home but haven’t sold their own house yet and sometimes in divorce settlements.

In the simplest form, bridging loans are used to finance the gap between buying a new home whilst waiting for your existing home to sell so you can release the equity.

As an example, let’s say you want to buy a property for £600,000, you plan to have a £200,000 deposit and a £400,000 mortgage. However, you currently only have £60,000 in cash and need your existing property to sell in order to free up the rest of the deposit. However, the sale of your home has just fallen through and you don’t want to risk losing your dream home which you have already paid various fees on such as surveys etc. So, you take out a bridging loan for £140,000 to ‘bridge the gap’ and repay it once your property sells.

Seems likely a fairly simple solution, right? Before you make your mind up, let’s look at bridging loans in a little more detail.

There are two types of bridging loans.  The first is an open bridge loan which has no set end date, meaning it can be repaid when the funds become available, although typically within 6 to 12 months. The other is a closed bridge loan which is typically used when you know exactly when you will have the funds available to repay – these are normally used for shorter term loans of a few weeks or months.

However, it is important to know that bridging loans can be quite costly, particularly open bridge loans due to their flexibility, so you need to factor this into your calculations and your plan to repay. As an example, annual rates on bridging loans can be more than 10% and can often have fees attached to the terms such as admin, legal and even exit fees.

The pros are obviously that they can provide a great short-term source of finance to help with a property purchase and in many cases can be repaid early without penalty.

The cons are that, if you are borrowing over a longer period, then the interest charges are likely to be much higher than a standard mortgage and if you don’t keep up with payments, your home is at risk.

You need to be mindful that having another mortgage size debt is a big financial burden. Unless you know when your home sale is going to go through, it could leave you significantly out of pocket and therefore is not always the best way of beating property-chain problems. In a property boom, like now, where buyer demand is high, the risk is lower as the chances are your property will sell sooner rather than later.  However, if the market suddenly slackens off, as it very easily could as the economic impact of the pandemic becomes reality, then buyers should take a cautious approach.

If you have been considering a bridging loan, we would advise that you consider all alternatives as well, before putting yourself in greater debt.

Have you considered selling your home to a cash buyer like WeBuyProperty? If you need to have sold your property by a certain date for any reason, feel free to contact us for a no-obligation chat about how we could help you achieve this and save you having to take out a loan.
Phone number: 0207 449 9797
Email: info@webuyproperty.com

 

Finally, lockdown as started to ease (just slightly), and the sun has poked its head out (temporarily). Unlike the headlines of last year, the UK is receiving praise thanks to its successful vaccine rollout and it seems, for once, we are on a positive trajectory. As we head into the Easter weekend there is definitely a sense of optimism in the air for the first time in months.

Over the last year we have talked about a number of property related topics and some in relation to what impact the pandemic has had on the market.  I think what is really interesting, as mentioned last week, is that we have lost any kind of predictability when it comes to the property market and in truth, no one really knows what is round the corner.

One side of property investment we haven’t spoken about before is short-term holiday lets. We know that people who invested in property, purely for the purposes of using it to let on a short-term basis in the self-catering holiday sector, have experienced some extreme peaks and troughs over the last year.

From being completely shut down one minute, to being inundated with enquiries the next, only the lucky few who managed to make significant gains in summer 2020 have been able to recoup some of their losses. Others have turned to the private rented sector for longer-term security. Although that’s another topic altogether.

One positive for owners that currently pay business rates on their holiday let, is that there is a business rates relief scheme available, which offers a 12-month payment holiday for 2020/2021 for all retail, hospitality and leisure businesses in England.

 

But today is 1^st April, and here we are again. The beginning of the peak season for short-term holiday-lets and unable to open until May.  By that time we should have a clearer idea whether international travel will or won’t be permitted this summer, so could that change everything? Whilst it could sway some people to ditch the staycation and jet off to sunnier climes, I think most holiday-let owners can be confident that there will be enough demand this summer not to worry. Prices on sites like Airbnb have reached astronomical levels over the last few months, as Brits scramble to secure something for the summer holidays.

But let’s fast-forward one maybe even two years. After being advised to stay at home and remain in sunny old Blighty, are the masses going to be itching to get away and turn their backs on the Great British holiday? Or will there be a renewed love for our home country, it’s beautiful seaside villages, countryside and National Parks?

I think, much like the residential sales market, where buyer criteria has shifted from, for instance, city bolthole to country escape, the short-term rental market will do much the same. People’s priorities and desires have changed and a getaway for the weekend to the coast will be even more appealing.   I think since people will still be wary for some time to come about spending time in crowded cities, those are the property owners that may question the sustainability of their investment choice.

However, the key is being creative, and adapting to the new world in order to appeal to a new market. For example, a short-term let in a city may appeal to someone who has now moved out of the city because they no-longer need to be there 5 days a week but still needs to occasionally frequent for meetings etc. Before you may have marketed nearby tourist hot-spots, restaurants and bars, but now, perhaps highlighting fast wi-fi, close proximity to travel routes and creating a nice workspace could help appeal to a different market.

Or perhaps you have decided that the short-let market is no longer for you and you are looking for a quick sale?  WeBuyProperty can offer you a no obligation valuation and are able to transact within a matter of weeks.

Contacts us on 0207 449 9797 or Email info@webuyproperty.com