The property sector has been one of the highlights of the COVID-19 story so far. After a shutdown of the industry in the first lockdown, the Government gave the go ahead for estate agents Walsall and lettings agents Walsall to continue to work, meaning that people could still move.
The slight easing of restrictions coupled with the Stamp Duty Holiday gave our industry – and the economy – a real boost and according to the Office for National Statistics, UK average house prices “increased by 7.6% over the year to November 2020”, the highest growth rate since 2016.
We and other estate agents across the country have reported increased demand, and a strong appetite from both buyers and sellers to get moving.
And keep moving you can, but there are definite rules to be followed.
So, what can take place?
Keeping a Blog updated is a full-time job and when you have other full-time commitments, something has to give! So, like a lot of my readers and followers of the Blog, I must prioritise my workload. Serving my clients is paramount and comes first therefore, you may have noticed I have not been on the blog much recently. When I do get a chance, I try and give you a bit of a read instead of my usual word count. In recent weeks I have had several conversations with Walsall Landlords and Walsall Property owners all asking me the same question time and again if, the Walsall property market will crash in 2021...??
..in the last few months, the Walsall (and UK) property market has resisted and defied every economist’s prediction. With the economy a shadow of its former self, unemployment set to hit 11.9%, the Government on track to borrow nearly half a trillion pounds to pay for Coronavirus support packages etc., all of this has had no effect on Walsall homeowner’s enthusiasm or capability to want to move home. It highlights the influence of both the emotional impact of lockdown and the enticing appeal of saving thousands of pounds on your Stamp Duty Tax bill.
The buy-to-let market in Walsall is about to enter a challenging 12 to 24 months. Yet by looking back at the last recession and what is happening now, there are crucial lessons all Walsall landlords can learn to protect themselves, and in fact create opportunities both in the short term and ultimately the longer term. For the purposes of this article, I would like to split these and look at the challenges and then the opportunities.
So, let’s consider the challenges ahead for Walsall landlords…
Yes, that’s right two buy to let opportunities in the same week, nay the same day! A two bed terraced house on Balmoral Way, Walsall, WS2. Listed 7 – 10 days ago. Another very good investment opportunity if you are a Walsall landlord.