The result of the general election was about as bad as could be for a property market already suffering the effects of prolonged uncertainty.
Sales prices and rents are both under pressure. Owners aren’t selling unless they have to, thanks to the ongoing threat of Brexit and political turmoil.
Consequently the market has stagnated, with prices on a downward trend.
Meanwhile, rents have fallen nationally for the first time in seven years with a flood of tenants leaving landlords to balance the need to cover costs against the need to fill their properties.
The Conservatives’ election gamble has not paid off and it looks like we’re in for months of shaky leadership without a clear winner in Downing Street.
That will not be good news for either homeowners or landlords, who’d been hoping for a strong government to take us into negotiations with the EU.
Instead, with minority rule a very difficult balancing act, another election seems likely with a clear result needed to sort out the mess.
So what can landlords do?
While all that seems rather bleak we’re not helpless. Life goes on whatever happens in Westminster.
If you’re a landlord it’s about competition. With tenants in control those looking to attract them must make the effort with their properties.
Anything going on the market must be presented to a high standard, snag-free, clean and ready to occupy.
Price-wise, this period of uncertainty means a dose of reality.
Landlords must take the advice of their agent if they’re to avoid void periods as the level of rent is usually the most important thing for those looking to move in.
To help you remain competitive Metro 148 has a number of offers running to help landlords let their properties out more cheaply with deals on let only, rent collection and full management services across London.
We believe in reacting to the market and this is a time our clients clearly need some assistance.
How about sales?
The sales market has been slowing for months with so many pressures in play.
However, despite the bleak picture that doesn’t necessarily mean it’s a bad time to move, especially if you’re trading up.
In relation to other properties it’s unlikely your property has fallen in value so, if you’re able to find a buyer and somewhere you like there’s no real reason to delay.
Everyone’s in the same boat and there are still some very good mortgage deals out there.
Sellers might have to accept less than they were expecting at the outset, but it’s likely the seller of the home that person wants to buy will be willing to do the same.
Keep an eye on what’s out there and don’t let the current political uncertainty prevent you from acting.
Just be realistic in your expectations.
Call Metro 148 director Angelou Beswick direct on 020 7613 4600 or email firstname.lastname@example.org.
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