21 Oct 2020
How has Covid-19 affected the lettings market so far?
In short, the market in Hull has gone from strength to strength. We’ve noticed a significant upturn in agreed lets and new tenancies across the single homes and family lets.
However, the HMO/rooms market which has been slow for some time now has gradually ground to a halt. Most foreign students haven’t come back to the area yet meaning the student properties have been left empty with some being rented by professionals and low skilled workers.
5% mortgage announcement and how it’ll affect landlords:
In early October 2020, Boris announced that he would back 5% mortgages for homeowners which could have an impact on the rental market in less affluent cities.
In Hull, a good quality 3 bedroom mid terrace property can be purchased from just £85,000.00. The requirement for a deposit under £5,000 will make the affordability of a mortgage within people’s reach.
Of course some prefer the flexibility of renting and not having the liability for major repairs and costs. We will need to keep a close eye on the demand in the market in coming months.
How will house prices cope?
There are two ways to look at this;
The property market will always have it’s highs and its lows, how we react to them determines how successful we will be in the industry. In previous recessions the market has always bounced back in the end and gradually property prices and rents have always risen over the decades.
For advice on specific investment hotspots, or letting demand please feel free to contact me on firstname.lastname@example.org or 07808 549892.