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Pent up demand fuels resurgence in the rental market

Lettings market activity in June was significantly higher than the same month last year, the Rental Index from Goodlord has shown.

After number of new tenancy applications were received during May, June saw that demand translate into completed lets.

The number of completed lets stayed above 2019 averages for all but six days of June, marking an extremely busy month for the industry.

The cost of renting rose by 3% across the England and Wales between May and June.

Void periods also dropped in five out of eight regions.

Tom Mundy, chief operating officer at Goodlord, said: “If May was characterised by a release of pent up market demand, then June was that demand translating into action.

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“The numbers throughout the month were incredibly impressive and show how hard the industry has been working to serve as many tenants and landlords as possible.

“We saw an unprecedented number of lets completed each day in June. It’s therefore no surprise to see those levels of demand starting to affect average rental costs and void periods.”

The biggest rent rise was seen in the South West, which saw average prices increase by 11% – from £859 per month to £965.

Wales wasn’t far behind, posting a 9% rise in average rental costs.

The average salary of a UK renter dipped slightly month-on-month, from £25,068 to £24,613.

BY RYAN BEMBRIDGE

Source: Property Wire

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Reopening of housing market ‘not so smooth but welcome’, says Wellington estate agent

The reopening of the property market is a ‘truly wonderfully cautious first important step in the right direction’, a Shropshire estate agent has said.

Dean Millington, business proprietor of Harwood The Estate Agents, Wellington, said the Government’s green light for agents to return to work had been akin to ‘dropping the bombshell onto the property world’.

“Nothing like a little advance notice whilst also forgetting to mention the finer details to the public and the agents,” said Mr Millington.

“They have since released the really important reality about viewing restrictions, guidelines and practices agents must implement and put into practice sharpish before being able to commence safely.

“The Government and the National Association of Estate Agents have now given strict guidelines on how things are to be handled and the safety measures that should be implemented.

“I have noticed that the media language is now a little less gunhoe and more subtle, such as ‘the property market has been released from some elements of the lockdown’.

“I believe it truly would have been all round a more common sense approach to have distributed the guidelines of the return to agents in advance, then made a more timely announcement of a forwarding date to enable agents to fully prepare correctly and safely.

“That all said, it truly is a wonderfully cautious first important step in the right direction, although the property world has been slightly thrown into a little turmoil.”

He added: “I have been in live webinars, client calls, emails, texts and a constantly non-stop avalanche of communications since the announcement explaining the finer details and I am pleased to say we are now ready.

“At the end of the day we truly wholeheartedly support the Government in their amazing efforts during these incredibly testing times and will continue to play our small part in ensuring the safety of our clients, staff and the public.

“We are so proud and in awe of all the key workers and our NHS and we pray, hope and plan for brighter days ahead.

“We must keep faith, things will always get better – and they will.”

By Lisa O’Brien

Source: Shropshire Star

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Alternative ways to revitalise the housing market

It’s still too early to know how hard the housing market will be hit by the COVID-19 crisis, and if a recovery is needed, just how long that might take.

Whilst stamp duty reform could undoubtedly play a part in helping an ailing housing market to recover (a subject I’ve blogged about previously), it’s not the only trick up the government’s sleeve. Some are already planned, but others should also be considered.

Permitted Development Rights (PDR)

Shortly after the budget announcement in March, Housing Secretary Robert Jenrick announced that the government would be bringing forward a series of enhancements to the PDR regime.

A key change will be to allow ‘upwards extensions’ of up to two additional storeys on existing buildings (subject to compliance with building regulations); this will enable a sizeable number of building projects to get underway without having to navigate the often lengthy planning permission process.

Consultation will also begin on a ‘new build’ PDR category, which would allow the demolition of vacant commercial, industrial and residential blocks, to be replaced with new residential units.

This new option could make much more commercial sense for developers on two key fronts. First, the uncertainty and delays associated with seeking permission to convert these buildings to residential units will no longer be there – although the approval process around building design has yet to be clarified.

Second, the demolition and rebuild of buildings is likely to result in a more efficient design than might have been achieved by a conversion – in terms of the use of space, positioning of exits, windows and corridors etc.

Business rates

Such an expansion to PDR might not necessarily be appropriate for high streets, however, which are likely to be casualties of the crisis.

The demolition and replacement of retail units here would fundamentally change the high street and could herald subsequent closures of other businesses which had otherwise survived the crisis.

Different measures are required to revive vacant retail units on the High Street, the most obvious of which is business rate reform.

Minor changes could involve a lengthy rate-free period for new businesses, followed by a period over which the full level of rates is phased in.

In the meantime, existing businesses will need to see the current freeze on business rate payments continue for a significant period.

The stark impact of the COVID-19 crisis on the high street and the demand for office space should be enough to prompt a full-scale consultation on business rates – including a review of the calculation basis (currently achieved by multiplying the property’s rental value by a multiplier), and consideration of whether they should be completely replaced.

Business leaders have long complained about how high rates in expensive areas subsidise lower rates in areas where rental values are lower.

Such reform would also be welcomed by those who pay business rates on office space. These fixed-term liabilities are a burden that drive operational costs higher, and if the economy falters we may start to see demand for office space reduce as businesses struggle to pay their fixed costs.

If business rates were reduced on office space, or at least re-assessed on a fairer basis, demand could actually increase, which would provide impetus for more construction in this area.

Planning Permission

The government also announced plans to bring forward other changes to the planning regime, including investment to encourage greater building in brownfield areas, and greater support for community and self-build housing.

A key part of the announcement was that a review of the Planning Permission system would be undertaken to modernise the process, and speed up approvals.

Policy Exchange, the UK’s leading thinktank, published a 77-page report at the end of January with some sweeping modernisation recommendations including the introduction of a binary, zonal land use planning system – where land designated as a development zone would always carry a presumption in favour of new development.

They also recommended that market forces, and not local planning authorities, should determine what can be built within these zones.

It is worth noting, however, that planning permission reform has been promised by many previous governments. Unless sweeping changes such as those suggested by Policy Exchange are implemented, local authorities will continue to have the final say on all housing development proposals.

VAT breaks, temporary VAT reductions or holiday

The VAT domestic reverse charge, which makes changes to the way that the construction industry will have to handle and pay VAT, was due to be implemented last year but will now be implemented in October 2020.

In short, the new scheme means that those supplying construction services to a VAT-registered customer will no longer have to account for the VAT themselves. Instead, the customer will account for the VAT as if they’ve made the supply to themselves.

The domestic reverse charge will be a change the industry needs to accommodate, but it won’t assist with any market recovery. A temporary reduction in the rate of VAT for construction-related services and supplies, or a delay to the date for VAT bills to be paid, could significantly help ease cashflow concerns, however.

Help to Buy

Further improvements could be made to the Help to Buy scheme. This has already been extended from 2021 to 2023, the extended scheme will be limited to first-time buyers purchasing new-build houses, and regional price caps will be implemented.

Whilst the continued inclusion of new-build homes is a boon for the construction industry, the deposit requirement of 5% could be lowered to help those who have had to eat into their savings in order to survive the current crisis. The interest-free element could also be temporarily extended to perhaps 25% (50% in London).

Social housing

Another way the government could feed capital into the construction industry directly would be to provide additional funding for the building of social housing.

The government has recently reaffirmed its commitment to major infrastructure projects such as HS2, and a commitment to additional funding for social housing would both support the construction industry, and help them meet their own house building targets where otherwise they may now be missed.

There are, undoubtedly, a number of other initiatives that could be introduced. We won’t know which ones are appropriate, or should be prioritised, until we have a better idea of just how much the construction industry has been impacted.

By Richard Payne

Source: Mortgage Introducer

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Is Covid-19 really impacting demand for property?

Alpa Bhakta, CEO of Butterfield Mortgages, looks at the prime central London property market where transactions made a strong start to the year but that has now changed. It’s difficult to predict the future but Alpa remains positive.

When Covid-19 lockdown measures were first introduced in March, businesses large and small were forced to change the way they operated, the services they provided and the manner in which they engaged with clients.

Now, over a month since these lockdown measures were first introduced, it seems as though organisations have, for the most part, adapted to this new climate.

For real estate, social distancing regulations have forced construction sites to temporarily close, compelled sellers to take their property off the market and brought the majority of existing transactions to a standstill.

House prices

Should the UK remain in a state of lockdown for the coming months, there are fears that the rate of house price growth could drop significantly. Cebr recently announced that house prices in the UK will fall by 13% by the end of 2020 as a consequence of Covid-19.

Of course, there is a natural propensity for forecasts to take into account worst case scenarios. We received similar projections in the lead-up to the 2016 EU referendum. One month before the vote took place, HMRC warned that house prices would drop by at least 10% should the UK vote for Brexit, and as much as 20% two years following the vote.

Evidently, this proved not to be the case, showing why we should be critical when assessing how certain future events will affect demand for real estate. This is also true when we consider how different sectors of the market are performing, like prime central London (PCL) property.

Strong start to 2020

The PCL market was in a strong position at the beginning of 2020. Knight Frank recorded more transactions in prime central London property in the two weeks following the election than it had witnessed since December 2016. As a result, it anticipated a significant rise in PCL transaction activity over the course of 2020.

Covid-19 has now brought many of these early projections into question. Transactional activity has slowed, but this is not due to a lack of demand.

In reality, prospective buyers are simply not in a position to act on their investment intentions due to the obstacles posed by the pandemic. In this sense, the rate of PCL house price growth is likely to slow, as should be expected given the current circumstances.

The question, and bigger fear, is whether Covid-19 will have a long-lasting impact on demand for real estate. Will investors be deterred from UK real estate or will they simply continue to act with the same enthusiasm displayed at the beginning of the year?

Optimistic future

There is good reason to be optimistic about the future. If Brexit has taught us anything, investors will only act confidently once certainty has returned to the market. Boris Johnson’s victory in the 2019 general election was this breakthrough moment previously, and I am confident a similar event will trigger a second surge of investment activity across the wider property market.

This view is shared by global real estate provider Savills. Having reviewed its five-year projections, it remains confident that average UK property prices will increase 15% by 2024 even with the uncertainty surrounding Covid-19. This is an impressive rate of growth, even if it reflects residential real estate instead of just PCL market.

The situation regarding Covid-19 is constantly changing and there is still no indication of when the current lockdown measures will be lifted.

At this moment, it is difficult to make any bold predictions about the future, but we should not let negative speculations overshadow the positive performance the PCL market displayed at the beginning of the year.

Once Covid-19 has been contained and lockdown measures rolled back, I anticipate an increase in property transactions taking place.

Source: Mortgage Finance Gazette

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Home moving and mortgage businesses set out blueprint for market recovery

Landmark Information Group, Mortgage Advice Bureau and Simplify have written to Secretary of State for Housing, Communities and Local Government Robert Jenrick, to detail how government can help stimulate housing market recovery following the COVID-19 crisis.

The three businesses are seeking to support customers and protect jobs across the industry.

The group’s proposals include:

  • Defining a ‘safe move’ and ensuring that the sector be one of the first to reopen during the phasing out of stay at home measures;
  • Ensuring that those who were part way through transactions are protected by lenders continuing, where feasible, to honour mortgage offers;
  • Ensuring the Job Retention Scheme (JRS) is extended for businesses operating in the home moving process beyond the restart of the market, to allow firms to rebuild income.

The group has been working with government and other businesses across the industry to ensure practical proposals are developed that will allow the market to restart as soon as possible.

To give consumers confidence, the group said that Public Health England’s endorsement of these proposals four market recovery will be essential.

Simon Brown, chief executive of Landmark Information Group, said: “We share government’s view that it is critical this crisis is a short, sharp shock to the economy rather than an extended depression.

“However, we are concerned that without a plan the housing market and home movers will experience the same uncertainty that followed the financial crisis.

“Protecting the housing market at this crucial time will help grow the UK economy and avoid a costly downward spiral.

“We know that government is also keen to achieve this, and our priority is to work with them to ensure the right short and medium-term decisions are taken.”

Ben Thompson, deputy chief executive of Mortgage Advice Bureau, said: “Our businesses play a vital role in the home moving process.

“As a group we are market leaders in the provision of mortgage advice, surveys and conveyancing.

“We believe that we have a responsibility to join others who are campaigning on this and taking the lead in supporting the recovery of the wider sector at this critical time.

“We need a truly joined-up approach that recognises that all those working across our sector must be able to operate again, co-ordinating seamlessly, in order for the market to recover.”

David Grossman, chief executive at Simplify, added: “Our focus is on ensuring that we are able to support the home moving process to restart in a way that is safe.

“We recognise that the government rightly took strong and decisive action to effectively pause the UK home moving market.

“At the appropriate time it is critical that there is equally clear guidance to consumers and industry to allow the market to restart and to recover.

“Our priority is to work with government and others in the industry to establish this.

“While we know there are economic consequences from a dysfunctional housing market there are also significant social implications, making it essential that the market recovers as quickly as possible.”

By Jessica Bird

Source: Mortgage Introducer

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The UK property market saw an uptick in April, but that could be all for now

  • The UK property market experienced a rise in prices in April, according to research by Nationwide.
  • The 3.7% uptick marked a three-year high amid the Coronavirus pandemic.
  • However, the bank and mortgage firm noted in its report that last month’s jump is set to come to a halt.

Last month there were occasional jumps in the UK property prices but according to a recent report by Nationwide, the market recovery signs are set to come to a halt amid the Covid-19 pandemic. While house prices rose by 3.7% last month representing a three-year high, the impact of the pandemic was not factored in the percentage, the British mutual financial institution said.

Nationwide’s House Price Index for April utilizes mortgage approval information and there is currently a backlog of submitted mortgage applications pending approvals. According to the company’s chief economist Robert Gardner, a big chunk of last month’s data relates to mortgages that “commenced before the lockdown.”

On average, a property in the UK goes for about £222,915 today.

The number of approved mortgages fell to about 56,200 in March, hitting a seven-year low, a report by the Bank of England revealed on Friday.

The drop in the number of mortgage approvals indicates the “the early effects of the outbreak on mortgage markets that had just a month earlier been at their most active in five years,” managing partner at Knight Frank Finance Simon Gammon noted in a report.

The UK Covid-19 lockdown began on March 23, following a sharp increase in the number of new cases and death toll. As of April 30, an average of 177,000 people had tested positive for Covid-19 while more than 27,000 lives had been lost, this according to official data by the Department of Health and Social Care.

Great start, tough times ahead

According to Gardner, since the beginning of this year, “activity levels and price growth were edging up thanks to continued robust labour market conditions, low borrowing costs and a more stable political backdrop following the general election.”

“But housing market activity is now grinding to a halt as a result of the measures implemented to control the spread of the virus, and where the government has recommended not entering into housing transactions during this period,” said the economist.

That notwithstanding, even before the pandemic, the UK property market had experienced massive dips, mainly resulting from last year’s Premiership elections anxiety as well as the Brexit deal uncertainty.

By Auther Bett

Source: Invezz

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How badly will coronavirus hit UK house prices in 2020?

UK house prices could fall by as much as 10 per cent this year due to the impact of coronavirus, experts predict.

UK house prices had started to recover from uncertainty caused by Brexit at the end of 2019.

And the so-called Boris bounce from the Tories’ election victory in December set the market up for a strong start to 2020.

But then coronavirus came along, sending the UK into lockdown – meaning buyers couldn’t visit houses, a fairly crucial step when moving house.

The dramatic economic hit has also made people more wary of making big purchases right now.

While the impact of the coronavirus outbreak on UK house prices is not yet fully understood, analysts believe they will dip in the second and third quarters of 2020.

The latest Rightmove research published this week showed the average price of property coming to market this month dipped 0.2 per cent to £311,950. By contrast, in April last year UK house prices increased 2.1 per cent.

The property platform said there is not a “functioning [housing] market” due to the coronavirus lockdown and that new sales were “almost impossible”.

Meanwhile, figures published this week by the Land Registry and the Office for National Statistics showed inflation fell back to 1.1 per cent in February after climbing to an eight-month high of 1.5 per cent in January.

What will happen to house prices in 2020?

Analyst predictions on the impact of coronavirus on UK house prices vary due to the uncertainty surrounding the lockdown exit plan and the wider economic impact.

Zoopla: Impossible to predict scale of blow

“History tells us that house prices tend to fall when the economy shrinks as a result of falling output,” says Richard Donnell, research director at property platform Zoopla.

“[This] has a knock on impact for unemployment or higher borrowing costs – all things that can result in more ‘forced sellers’.”

“Thus the scale of the impact on house prices depends upon the scale of the economic impact from Covid-19.”

Savills: House price fall of up to 10 per cent

Estate agent Savills estimated that average UK house prices will fall between five per cent and 10 per cent in the short-term while the low transaction market caused by the coronavirus lockdown continues.

EY: House prices could fall five per cent

Howard Archer, chief economist at EY Item Club, forecast that UK house prices could drop between three per cent to five per cent in the second and third quarters of 2020.

Knight Frank: Prices to sink three per cent

Meanwhile, Knight Frank predicted that average UK house prices will dip three per cent this year, and property values in London will fall two per cent.

Chesterton’s: House price drop of two per cent

London estate agent Chesterton’s also estimated that house prices in the capital will fall two per cent in 2020 due to coronavirus.

When will UK house prices bounce back from coronavirus?

Despite the gloomy outlook for house prices this year, most analysts believe the housing market could make a strong recovery by 2021.

CBRE said that pent up demand in the period after the coronavirus crisis is likely to cause a “spike in activity” in the housing market.

Knight Frank: London house prices to jump six per cent in 2021

Knight Frank forecast that London house prices will jump six per cent in 2021, while Chestertons said it expected to see growth of three to four per cent in central London next year.

Savills: London house prices to lead recovery

Despite forecasting a steep decline in UK house prices this year, Savills was more optimistic about the years ahead. The estate agent’s analysts say mid-term price growth will be an average of 15 per cent over the next five years, with prime central London leading the recovery.

EY: House price recovery of two per cent in 2021

However, EY Item Club’s Archer was more cautious, saying UK house prices could grow by two per cent next year.

“Given the impact on the economy from coronavirus, the likely substantial rise in unemployment and the impact on many people’s incomes, the housing market looks unlikely to return to the levels seen at the start of 2020 for some time,” he said.

By Jessica Clark

Source: City AM

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Why UK property will endure COVID-19 better than most

The UK Government’s implementation of strict social distancing laws in a bid to contain COVID-19 have been affecting the ways that businesses are able to operate, and how consumers are able to manage their finances.

At the moment, the government is providing the financial stimulus necessary to ensure the private sector is able to overcome the initial challenges posed by COVID-19 and the associated lockdown measures.

The direct and indirect impact of COVID-19 has affected the performance of different sectors and financial markets in different ways. The world’s major indices have suffered considerable losses – recently, it was reported that The Dow Jones Industrial Average crashed by almost 32%.

Other financial assets have so far proven resilient, such as UK real estate. I explore the reasons why this has been the case and what recent statistics tell us about property’s projected performance below.

The ‘Boris bounce’

House prices are typically used as an indicator of capital growth for real estate. In 2019, the political deadlock over Brexit resulted in significant market uncertainty and modest house price growth.

Some commentators feared house prices would drop significantly as a consequence of Brexit – however unlikely such events actually were.

Boris Johnson’s victory in the 2020 General Election and his subsequent ability to pass the EU Withdrawal Bill through parliament resulted in surging investor interest in residential real estate. House Price Indexes for March 2020 provided evidence to this affect.

Both Halifax and Nationwide recorded that average residential property prices that month were 3% higher than they were the year prior.

With Brexit uncertainty forgotten, sellers were again eager to place their properties on the market. Coupled with the government’s growing excitement about ushering their new ‘housebuilding revolution’, it seemed that the UK was finally ready to confront the ongoing housing crisis and match the growing demand for housing with the adequate level of supply; generating strong increases market activity and a return of strong value returns all-round.

COVID-19 has put a pause on transactions

Lockdown measures imposed by the government in a bid to contain the COVID-19 outbreak has had a significant impact on the real estate market.

For the moment, the government is actively discouraging people from buying and selling properties, and some lenders have reacted to this news by deciding not to take on new enquiries.

However, I believe the momentum around the post-‘Boris Bounce’-market has not disappeared. In fact, in lieu of transactions being available, pent-up demand is likely to further exacerbate market activity once the pandemic is over.

Global realtor Savills, in November 2018, forecasted that the average UK property’s value would increase 15% by 2024 – assuming a majority government is elected and a Brexit deal is agreed.

Although both of these events occurred, COVID-19’s economic disruption could have been a new impetus for Savills to revise this figure. However, Savills is confident that long-term demand for UK real estate will drive prices higher, resulting in them not changing their original projection.

Short-term forecasts were revised to take into account significantly the decreased transactions levels expected for the next two months or so, but the long-term predictions for growth weren’t altered.

Ultimately, it can be said that COVID-19 has, in a sense, taken the place of Brexit uncertainty in artificially supressing market activity and, thus, property price growth.

It is also worth mentioning that COVID-19 is a public health crisis, not an economic one. This means that once the virus is contained there is no reason to suggest why the property market will not make a quick recovery.

That’s why I am confident we will see a surge in activity once lockdown measures are lifted and the virus outbreak has been effectively resolved.

By Jamie Johnson

Source: Mortgage Introducer

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House prices predicted to fall after coronavirus: everything you need to know

UK house prices are set to tumble in the coming months, following the government’s announcement of lockdown extension. With the housing market already at a nearly complete halt, with many property instructions and mortgage approvals put on hold, house prices will almost inevitably fall in the coming months. The question is: ‘by how much’?

The Centre for Economics and Business Research (CEBR) has published a new forecast of the economic shock that will follow the Covid-19 pandemic. Citing research carried out by the Cambridge-INET institute, CEBR predict a 35 per cent reduction in income for UK households, with economic activity already down 31 per cent since the beginning of the pandemic.

What do these figures mean for house prices? A 13 per cent reduction by the end of 2020, according to the Centre – far harsher than the impact of Brexit over the past four years.

If you’re planning on selling, these are stark figures. How likely is this prediction to come true? Kate Faulkner, property analyst and expert at Propertychecklists.co.uk, gives her view:

‘The effect on house prices will be determined not just by how bad things get economically, but most importantly how long it goes on for. Scenario one could be a “short, but very sharp shock” and if we get back on our feet, prices may fall slightly – more if an area is particularly badly affected.

‘Scenario two would be a longer impact with prices falling maybe 10 per cent or more due to unemployment and difficulties accessing finance.

‘Scenario three could be back to the days of the credit crunch where a recession hit hard for several years and prices fell by around 20 per cent, more in some areas.’

However, as Kate explains, the biggest factor that will determine which scenario will come to pass is going to be people’s behaviour after the lockdown rules are finally relaxed:

‘Will [people] want to stay put more, limiting properties for sale? Will they want to move more, improving stock levels? Will people feel much poorer, reducing confidence to move in the future? Until the market opens up again and we know if we are in for a short sharp shock or a longer running recession, predicting the market is going to be difficult.

‘However what we do know is, that even in a recession, people still need to move and over 50 per cent of people in England own their home outright, so can continue to buy and sell with cash. Whether you decide to move this year or not very much depends on your local market and your personal circumstances.’

The difficulty in predicting what house prices will do in the coming months is exacerbated by the scarcity of current available information. In fact, there are so few homes up for sale right now that the property portal Rightmove has been unable to produce its monthly report on property trends, for the first time in the portal’s history. There simply aren’t enough property transactions to be statistically meaningful, Rightmove said.

Some experts are predicting a significant decline in property transactions throughout 2020, potentially even late into the year. The Zoopla House Price Index estimates a whopping 60 per cent decline in the next quarter. This means that both buying and selling will slow down dramatically.

This isn’t necessarily bad news, however: because both supply and demand are going down, those who still are looking to buy won’t be scrambling for a tiny number of properties, because far fewer people will be looking. It’s true that their may be less choice, but there still will be houses available.

If you are planning on buying in 2020, take heart: once the lockdown restrictions are lifted and lenders restore the full range of mortgage offers, the climate for buyers will be very auspicious indeed, with low interest rates on mortgages and falling house prices.

BY ANNA COTTRELL

Source: Real Homes

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Savills Expects Only ‘Modest’ Rent Falls

National estate agent Savills has said it expects the residential rental sector to be less volatile that the house sale market during the coronavirus crisis.

‘There will be less movement in the rental markets in the next three months as movement restrictions place practical constraints on people’s ability to view properties and move’, it said in its latest briefing paper.

‘Government has announced a range of measures to help support those in the private rented sector, namely a moratorium on evictions for three months in England and extending its mortgage payment holiday to mortgaged buy to let landlords whose tenants are in financial difficulty. Government has yet to announce direct support for tenants struggling with rental payments.

‘There may be modest falls in average private rents paid as some landlords act to help tenants in financial distress. For the majority of households, rental payments will continue as normal with no significant impact on rental values in the short term.

‘There is a long-established correlation between rental value growth and income growth. We expect this correlation will continue. The coronavirus pandemic is therefore likely to result in slower rental value growth over the next year, with growth accelerating as income growth returns’.

Source: Residential Landlord