Landlords are anticipating that house prices will rise, despite the difficult market conditions experienced over the past year. As we ease out of coronavirus restrictions, landlords are cautiously optimistic and are looking to a bright future.
This is according to a survey by Portolio comprising 300 landlords, letting agents and professionals. Around 75 per cent of landlords said they were hopeful of the way forward when it comes to investment and prices. Just under three quarters said they believed average property prices would rise over the next five years. Slightly less than 20 per cent of those surveyed said they thought prices would remain the same, while just over eight per cent said they expected prices to decrease.
Housing market stayed resilient despite the pandemic
Understanding how landlords view the current property market and what impact, if any, COVID-19 and Brexit are having will affect the way forward for the rental market. On the whole, landlords are remaining positive, and some are opting to choose city properties over rural opportunities. In 2020, the housing and rental market remained surprisingly resilient, with a surge in demand steered by the temporary halt to Stamp Duty.
Conveyancers take the stress out of home moving
If you are a family, a couple or a single person on the move looking for a conveyancing solicitor London offers a complete choice of professionals. A conveyancer will oversee the legal aspects of the transfer of property, and they will provide their clients with peace of mind while ensuring that the exchange will run smoothly. With the property market moving in the right direction and potential movers looking around the capital for a conveyancing solicitor London houses an unrivalled choice.
According to Property Wire, the average house price increased by just over 8 per cent over the course of 2020. According to the report, this means that landlords saw their portfolios rise to £38,820.
There are reports that many homeowners will become both a landlord and a tenant with the desire to own a larger property and take advantage of more open green space. Home movers are having to fork out over £65,000 on average to upgrade from a two-bedroom flat to a three-bedroom house. That’s almost £5,000 more than what it was in 2019. With that in mind, forecasters are reporting that homeowners will choose to put their existing properties on the rental market and rent larger homes in order to obtain the coveted spacious house they want without spending too much in the process. This was a popular plan around the time of the 2008 financial crash, and this year, the number of landlords will grow as they find difficulties in selling up.
With the Brexit situation largely calmed, the housing market is more certain and the deal is unlikely to affect this market area. Property and rental prices will more likely be driven by the move toward economic recovery following the COVID-19 pandemic and job security.