Autumn 2020 Newsletter: An update on 2020…so far
General Market Conditions & Property Inspections
Hello to all,
As I sit typing this newsletter, I cannot help but feel that the only place I want to see 2020, is in the rear view mirror! I suspect you are as sick as I am of one particular subject and like us are keen to return to some kind of normality.
I really hope that you are all well, wherever in the World you are right now.
In a change of subject, I want to update you briefly on some general market conditions as well as a decision we have taken on property inspections this side of the New Year.
General Market Conditions
With all of the doom and gloom and potential Tier 1, 2 or 3 lockdown measures the UK Government seemingly can impose at any given moment, it is nice to be able to report that we have continued to ensure that our clients properties are fully tenanted throughout this global pandemic.
We currently have just two properties available out of all that we manage on your behalf. This clearly demonstrates the buoyant nature of the market but also the hard work of Sue, myself and the team here at Town and Country.
With now 8 months of weathering the pandemic behind us, I would like to pay a special mention to our negotiator Naomi and our property Co-ordinator Jenny. They have worked tirelessly whilst navigating the unknown.
I should also mention the woman who makes it all possible (for me!), my wife Clare. She is back in the office, helping massively with administration; specifically assisting with the legislation changes and backlog from lockdown.
We are also incredibly grateful to our partners at RDA Estates and hope that during these incredibly trying times, we have continued to meet and exceed your expectations with the service we provide for you!
During the full lock down period the UK Government, as I stated in earlier newsletters, made it very clear that midterm inspections were not considered essential work (or travel to do so) and as a result we were unable to carry them out. The restriction on this has since been relaxed but due to tenants isolating or prioritising maintenance that was not reported during lockdown, we have not yet begun to reinstate property inspections.
We had planned to restart the routes in November but have now taken the decision, in conjunction with our partners at RDA Estates who inspect our jointly managed properties, to recommence the midterm inspections from January of next year. Taking into consideration the current uncertainty paired with 2020 being one of the most awful years on record AND that January is only 2 months away, we felt that it was unwarranted to start inspecting before Christmas.
I trust you will agree with this approach but if you are in any way concerned then please do not hesitate to contact me.
What the future holds
To be frank, I have absolutely no idea (and anyone who does, could hopefully give me the winning lottery numbers!). However, I do think that lettings will remain buoyant for the foreseeable future if not with some slight rent reductions as people’s finances are inevitably squeezed in the coming month.
I do strongly believe that letting property offers flexibility to tenants and with the UK Government also looking for longer term tenancies this should create long term good investments, particularly in the Brighton & Hove and surrounding areas.
We will continue to work with those tenants who may struggle in the coming months and advise you, our clients, as soon as any problems do arise.
As ever, if you need anything at all please do not hesitate to contact me.