Latest News

Government extends support to stop business evictions in 2020

17 September 2020

Robert Jenrick, Secretary of State for Housing, announced yesterday, 16 September, that all commercial tenants will be protected from the risk of eviction until the end of this year. Read More...

Evictions post 20 September 2020

17 September 2020

The UK Government has published an updated form relating to property possession claims brought before 3 August 2020 that must be reactivated. These relate to claims already received by the court. Read More...

Mayor of London calls for a two-year freeze on private rents

16 September 2020

Today, 16 September, the Mayor of London, Sadiq Khan, wrote to the Secretary of State for Housing, Communities and Local Government, Robert Jenrick, calling the Government to give him the powers to freeze private rents as the economic fallout from COVID-19 continues. Read More...

Market outlook is strong

Friday 14 August 2020

With the demand for rental property on the increase, and the sales market experiencing a significant rise in mortgage applications, lockdown hasn’t been a deterrent for buyers and renters determined to make a change.

The annual price growth is predicted to remain in 2020 with the average sale price up 2.7 per cent, according to Zoopla’s latest House Price Index. The demand for homes is currently outstripping the number of homes being listed for sale; and house market pricing currently reflects this imbalance between supply and demand. Zoopla expects this to continue through Q3 and Q4, as well as with the stamp duty boost to activity in London and the South East.

Predictions are that towards the end of the year, the wider economic landscape will likely start to weigh on price growth. However, the annual price growth will remain in positive territory in 2020 while the supply of new homes is lower than the level of demand.

Rental growth

Rental property demand is still reported to be outpacing the supply of new homes to rent in many parts of the country, which is supporting rental growth. However, as the gap is narrowing, it will start to put downward pressure on rents for the remainder of the year. Outside of London, a similar rise in annual rental growth is expected, although the picture in London shows rents down 3 per cent since January as rising supply and more subdued demand, due to changed working, tourism and student patterns impacting the market. The same picture is emerging in Edinburgh with a move from short lets to long lets creating a rise in supply.

Mortgage applications continued to rise in July

Whilst Mortgage loans for first-time buyers have not bounced back to pre-COVID-19 levels, competitive deals are still available. Some mortgage rates offer two-year fixes from 2.24 per cent for those with a 10 per cent deposit, and 2.56 per cent for five-year deals. According to the latest data from the Bank of England, mortgage applications are also rising as demand continues. Although statistics from Moneyfacts show there are only some 1,360 deals for first-time buyers compared to 2,670 before lockdown; Hometrack data shows that overall, mortgage applications continued to rise in July as buyer demand increased by 20 per cent on the year.

PROPERTYMARK RESOURCES

Propertymark’s own Private Rented Sector Market Reports give a picture of the UK rental market and the issues that our members are experiencing.

View the latest report

Propertymark also has a series of consumer guides on moving during COVID-19 that agents are encouraged to share in their day-to-day work and on their own social media channels. We are also encouraging buyers and vendors to work with agents on making sure viewings and house moves are COVID-secure.

Safe viewings and house moves