The property market here in Scotland will officially open back up for business on 29th June as we move to phase two of our roadmap out of lockdown.
This means that home moves will surge ahead with stringent safety measures in place. Here at Newton Letting we believe that June 29th can’t come quick enough – we have many tenants waiting to get the keys to their new home and many more seeking suitable accommodation.
Pent up demand
According to latest reports from Citylets, letting agents have already experienced a huge spike in new tenant enquiries property, with transactions that were put on hold due to the pandemic, finally able to complete. We believe that there will be a big surge in demand as soon as the market opens and that the backlog of tenants that have been unable to move over the last 3 months will no doubt cause a ‘ripple’ effect with people looking to move over the peak summer months.
The importance of finding the right tenant for your property
We are yet to see the full effects of the pandemic on the economy, but with the Job Retention Scheme soon to be phased out, we do have some concerns that some tenants will not be able to meet their financial obligations. Therefore, securing the best possible tenant has never been more important going forward. It’s imperative that tenants stay as long as possible to minimise any void periods and that they are in a secure position to ensure that they can pay their rent month to month.
Keeping clients safe
The Scottish Government has issued new home moving guidance and virtual viewings should take place wherever possible and if viewing in person, virtual tours should be used prior to visiting the property to minimise the time spent at the property. In addition, it’s important to develop effective contactless tenancy moves and to keep any measures in place until the risks are negligible.
Could the market have opened sooner?
Whilst we are all relieved that the market will re open in less than a week, we also question whether the market could have opened sooner, in line with England. We believe that with the correct procedures in place to protect everyone from the risks, the market could have already reopened.