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How Has Coronavirus Affected The Leicester Property Market?

How has Coronavirus affected the Leicester property market? This is probably just one of many questions landlords, investors, homeowners and home sellers might have. What we know so far is that the Leicester property market has come to a bit of a standstill since the lockdown unless the move is a truly necessary one for people. 

But what this doesn’t mean is that any ambitions in Leicester have to move, buy or sell should be put to one side. All we have to do is adapt. We consider ourselves as an insightful and the best property portal, so we’ve broken down this blog into the core concerns that people in Leicester are likely to be facing, depending on their current property situation.

Landlords

There’s been a lot of talk about ‘renter’s rights’ vs. ‘landlord’s rights’ and the truth is that both of these very much still apply. Landlords, whether you’re an avid investor or this is your first rental property, you may be faced with tenants who are struggling to pay rent due to financial constraints or existing tenants are moving back in with family members in their home to continue to self-isolate. It may even be as simple as they are relocating. But what does this mean for you as a landlord? 

Continue to consult your letting agent so they can advise and act on your behalf. If you act independently or privately to manage the property then see what kind of agreement you can come to with the tenants for a fair termination to any tenancy agreements. 

If you have a house to let, getting your property sites back on the market for other renters to accommodate is still very much possible with properties being added to the Leicester property market and filled with new tenants. This may also be a good time to review the property, tidy up any DIY tasks or snags that need fixing so that it’s ready to be put back on the market. It’s also worth getting a guide on whether the value of your rental property is getting the maximum benefit. 

Homebuyers

Are you part of a chain, a first-time buyer, looking to downsize or trying to find that perfect family home? You may feel put off buying a property and this is completely normal under the circumstances. These are some of the most common situations we come across when speaking to home buyers but they still apply now. 

While the Government has strongly advised that moving house should be put on hold until COVID-19 lockdown restrictions can be lifted, there will be houses for sale in Leicester or homes that need to complete in weeks and months to come so hang on in there. Your move will still take place, it’s just a bit delayed. 

Use this time to get everything in order so you’re ready to exchange when the big day comes. Make sure all surveys and reports are booked in if they haven’t taken place already and your solicitors have been instructed. If there are any changes to your financial circumstances, be sure to notify your agreed mortgage provider and check whether they have any of their own updates that you need to be aware of. We have plenty of local network links that we can call on to give you some advice.

Home Sellers

If you have a property for sale, you might be concerned that people are not looking for houses at the moment, but research might suggest the opposite so keep your home listed online. As we’re spending more time at home or on the computer, searches are expected to increase because people are thinking ahead if a move is still in mind. 

If for any reason, a sale has fallen through that was originally agreed prior to COVID-19’s lockdown, then remain positive that your house has shown interest. Circumstances may change in the coming weeks or months and there will be other homebuyers out there.

Why not also use this downtime to make sure all of your admin is in order? It’s important that any photography you have is up to date or better yet, include a virtual tour of your property to really stand out. This gives the prospective buyer a brilliant idea of the house and it’s the closest they will get at the moment to seeing the property so make sure every room is covered internally but also driveways, garages and gardens externally to give a full picture. 

There are only things such as having an idea of which solicitors you want in place, getting an updated energy performance certificate (EPC) or booking in gas safety checks – we can still help with all of these things. As soon as things pick up again, everyone will be busy so try and get ahead if you can!

What Does The Future Of The Leicester Property Market Look Like?

It’s simply too early to tell whether the property market will slump or rise and every region or circumstance will be different. Official statistics on the impact pre-COVID-19 lockdown have yet to be released so don’t take every headline in the news as a cause for concern as these are forecasts and predictions only.

As the situation progresses, we’ll be updating our website and blog with the latest information on how Coronavirus impacts the Leicester property market as well as the relevant advice you need to make informed decisions. 

As one of the best property websites, Open House Leicester operates in and around the city centre and is still fully contactable. We’re committed to you and your property whether you’re a landlord, tenant, homeowner or buyer so if you need any advice, please feel free to get in touch.

Rahul Jain
Written by Rahul Jain
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