Property Management Services in high demand in the Capital

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info@mihproperty.co.uk

There is no doubt that the coronavirus had a huge impact on the property market in London, and the same for capital cities around the world.

Once lockdown set in and it was clear that it wasn’t going to be a two-week intervention, there was a mass exodus of the population towards open spaces, with the countryside and a back garden becoming the most desirable attribute for those seeking rental accommodation. Others were unable to maintain rentals due to redundancy or furlough and sought out cheaper options further afield. London was left in the shade and Landlords were struggling to fill properties, instead reduced to offering discounts and incentives where before it was a sellers’ market.

Taking the hit

The outcome of this progressive retreat was a dearth in demand for rental property, a tough time for Landlords and a natural shrinking of the rental market. Fewer tenants equals less income, and that’s not something that can be sustained for long. Especially not in the private market when small portfolios are an important investment and essential form of regular income.

Fortunately, the London market is resilient, and thankfully the tide has turned quickly.

Recovering fast

Roll on autumn 2021 and the trend is clearly reversing. Statistics show that more people than ever are returning to work in the capital, indicated by reassuring numbers provided by TFL:

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Pre COVID-19 there was an average of 5.5m people per week travelling on Tubes and buses which dropped to below 10% of that number when the first lockdown was initiated. By the end of September 2021 numbers were back up to close to 4m.“TFL

A positive outlook for 2022

As much as it was impossible to predict the arrival of a pandemic, the future is looking much more certain, with the average London rent now 5.7% higher than it was in 2019. Now that a vaccination programme is in place with an annual jab likely to become the norm, we can begin to believe that the coronavirus is at last starting to recede into the distance. It may not disappear completely, but it will certainly become liveable with.

Accommodation in the city is once again top of the agenda with properties being snapped up before they’ve barely touched internet browsers – a trend reflected up and down the country. Landlords everywhere can breathe a sigh of relief. It is still far more financially accessible to rent than to buy in London so as workers return, so renting is still an attractive proposition.

Property management services are in high demand

Alongside the upward trend in the Capital’s property market is the need for reliable and responsive property management. A well-managed property is the optimum status for owner, landlord and tenant alike. For owner and landlord, it represents fewer demands, an easier life and preservation of a key asset. For tenants, it means fewer complaints, peace of mind and a longer tenancy.

Managing your rental portfolio

If you’re expanding your portfolio, then MIH could well be your property management partner helping you to keep your new and existing properties in good order.