Posted on Wednesday, July 14, 2021

Kings Lettings Property Ezine Issue 131

It’s not been an easy year and we could all really do with a few weeks relaxing by the Med. Unfortunately, this year, that doesn’t look possible. Instead, many of us will be heading out across the UK for a ‘staycation’ of some kind. The weather may be more unreliable than we would like but we may, at the same time, be reminded what a beautiful country we inhabit. As an additional bonus, there’ll be no need to queue at passport control nor will we have to wait forever for our suitcases to appear on that squealing baggage carousel.

Quite a few of us will, however, have decided to give holidays a miss altogether and it will be interesting to see how that affects the property industry. Traditionally, this is the time of year that house sales begin to slow as we head to the beach. I suspect, the combination of the second, £250,000 tier of the Stamp Duty holiday - which runs until the end of September - and so many of us staying at home will ensure things will be a lot busier than usual. Lettings are always busy during the summer. The new academic year is approaching and the various property indices are already showing rents and demand are on the rise.

Supply levels, though, have been an issue for some time but there are signs that landlords are taking a renewed interest in investing in the sector. With interest rates on savings so low and house prices and rents rising, BTL’s returns are looking more and more attractive. Rising house prices are also making it far harder for first-time buyers to get onto the property ladder, let alone save for a deposit. As a result, demand for rental properties is likely to continue growing for some time to come.

The capital’s landlords will be particularly pleased with the way things are panning out. We have been talking for some time about a turnaround in London’s rental market and the stats and the surveys are now clearly showing that we are heading back into towns and cities in substantial numbers - something that will only increase when the last of the restrictions are lifted on the 19th July.

Some important news for all our landlords in Edmonton/Enfield Town and Highway: As you may or may not be aware, Enfield council have now had approval for its SELECTIVE licencing scheme. Designated wards that the selective licencing scheme applies to are listed below:

Bowes, Edmonton Green, Enfield Highway, Enfield Lock, Haselbury, Jubilee, Lower Edmonton, Palmers Green, Ponders End, Southbury, Southgate Green, Turkey Street, Upper Edmonton and Chase.

It will come into force on 1 September 2021 and will cover private rented properties occupied by single households or two unrelated individuals. The scheme will mean that landlords renting out properties in those 14 wards will need to obtain a licence and comply with a set of licence conditions relating to the safety and management of the property. You can find more information on property licensing in Enfield on their website.

Right, well, that’s it from me until August. If you’re one of those who’s planned a staycation, I hope you have a good trip and that the sun shines brightly on you. If, on the other hand, you’re one of those who is going to use the time to move home, just give me a call.

All the best

Ella Fletcher

Ella Fletcher

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