May 14

The UK Property Market Opens For Business Again

Good news for everyone with the property market open for business. Agents can get on with moving people, landlords should experience less void periods and tenants will be able to freely find a property to call home.
For landlords we are advising them to get their virtual walkthroughs done is possible in case of a 2nd wave and shut down.
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Video Transcription:
Hey guys so good news the UK property market is back open again which means that agents and so you know real estate salespeople and everyone around in that industry will be back or heading back to work now it’s not necessarily heading back to the office and it’s not necessarily heading back to what was before because actually I mean I know in our case I’ve already said that we’re not opening or we’re not doing opening the office way back in the office until at least June.
Even though but we’re being at full capacity we haven’t actually shut down through an effect within busy is or buggery during that time what it does enable us to do is firstly to do things like inspections which is great news but also because there’s a second wave coming one of the things we’re doing and for all those people who want to we can get in there and get 360-degree view 3d walkthroughs done so if we head back into coronavirus where they lock us down again then we can actually have you know really good quality stuff now obviously albeit if you’ve got tenants gonna have your tenant stuff in there but that is worth considering because and I made a mistake I’m not really a mistake I said we’ve had about three per cent arrears through coronavirus in actual fact well that doesn’t account for is where tenants have said I want to discount on the rent I want to do you know whatever that hasn’t been agreed
and they’ve said here’s my notice in there you know they’ve left so it is a little bit higher and actually I’m still working on the numbers so I’ve got the numbers right now but I’ll have that in a few more days and I’ll send it with my next update anyway.
It’s good news because it does get the thing moving and I think one of the interesting things is if you think about it for those of you who don’t know us and how important the property Mart is to everyone think about it food shelter you know I mean it’s the second one in your food clothing shelter so it’s the third one in Maslow’s hierarchy of needs you know so food shelter was never food and clothing was never an issue and it maintained throughout but you know property was put on hold and we weren’t able to do inspections people move out and yes some people flatter those rules but for the most part, the industry did really really well although we have noticed a lot of landlords reading a lot of interesting coming on board with us because a lot of landlords a lot of agencies should just furloughed.
In fact, I was speaking to a couple of different people I know and they furloughed their entire agency now some of these guys took 400 500 properties and they fell out everyone apart from one person so one person got to do all the work got paid the same amount well everyone else had a holiday at 80 per cent on furlough which ok great facility but what it’s meant was that actually they have now cashed up and they’ve done very well out of this period.
So we’ll see what happens there but I saved very well but what we’re finding is a lot of the landlord’s who are stressed and worried about their properties and actually have been left and lurch a bit with their agency so that’s happened but you know there’s gonna be a lot of these sort of things washout in you know the outcome of this.
So look guys it’s good news you know things are back it means that we can start moving people in we can start people moving out it means that the void period as a landlord isn’t going to be as long because obviously we still can’t evict people we can give notice but we have to have given three months notice especially under section 21 so three months you know the if they’re in arrears so yeah but actually to be fair tenants and landlords have been really good through this and I think that’s the most important bit about this is that with that you know done really really well all right guys that’s pretty much all I’ve got.
You know good news all around but I think the thing is now we’re gonna get back to business and
we’re gonna get back to moving people in moving people out you know and but doing those walkthroughs if you can alright guys have a great day live with passion and the time being I mean you can go out more frequently but you know stay home as much as possible stay safe and we’ll chat soon all right see you later bye


UK Property Market

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