Latest research reveals London’s rental market Covid battering

New lets agreed in the prime London lettings market over the course of lockdown fell by more than 70% compared to the same period last year, while achieved rents dropped by 3.4%, it has been revealed. House prices did worse, though, falling by 8.4% between mid-March and the end of May compared with the period […] ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Latest research reveals London’s rental market Covid battering | LandlordZONE.

Latest research reveals London’s rental market Covid battering

New lets agreed in the prime London lettings market over the course of lockdown fell by more than 70% compared to the same period last year, while achieved rents dropped by 3.4%, it has been revealed.

House prices did worse, though, falling by 8.4% between mid-March and the end of May compared with the period pre-lockdown, according to data firm LonRes.

It says while there was a 23% reduction in new lettings listings during lockdown compared with 2019, sales saw a 67% fall in new listings over the same period. It explains that this reflects the fact that landlords wanting to avoid void periods list their properties as soon as they become vacant, whereas owner-occupiers can often hold off selling until market conditions become more certain.

It reports that with agents unable to show properties and home-movers unable to transact, it was no surprise that the number of lets over lockdown was significantly down. Many tenants have been choosing to say put while agents are reporting high levels of renewals. This meant that activity, even pre-lockdown, was lower than during the same period in 2019. 

But as estate agents opened and viewings began, new instructions have increased; in the second half of May, there were 16% more new lettings instructions than during the same period in 2019

Marcus Dixon, head of research at LonRes, says: “Looking ahead, landlords will be hoping that pent-up demand from tenants will be enough to absorb increased levels of stock currently on the market, if not we could see some further downward pressure on rents in the coming weeks.”

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Latest research reveals London’s rental market Covid battering | LandlordZONE.

Source : Landlord Zone More   

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Tenants face little chance of finding Legal Aid when remote possession hearings begin in August

The Law Society has called for vulnerable tenants to be given access to Legal Aid when the possession hearings re-start in August, but experts that LandlordZONE has talked to warn that this laudable intention is unlikely to be delivered. The Law Society says the lengthened stay on evictions is an important step to protect vulnerable […] ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Tenants face little chance of finding Legal Aid when remote possession hearings begin in August | LandlordZONE.

Tenants face little chance of finding Legal Aid when remote possession hearings begin in August

The Law Society has called for vulnerable tenants to be given access to Legal Aid when the possession hearings re-start in August, but experts that LandlordZONE has talked to warn that this laudable intention is unlikely to be delivered.

The Law Society says the lengthened stay on evictions is an important step to protect vulnerable tenants, and its president Simon Davis claims that: “When hearings recommence, it is vital that legal aid is available to tenants and that the safety of court users is ensured.”

After August 23rd, Courts will hear most possession hearings remotely until the autumn and could conduct possession hearings by phone or Skype.

Letters sent our recently by at least three county courts suggest that the lack of a duty solicitor, plus the practicalities of remote hearings, will make it hard for tenants to access any sort of advice and support, including Legal Aid.

Duty solicitor

But housing solicitor Sue James, of Hammersmith & Fulham Law Centre, believes taking away the duty solicitor will almost certainly mean more evictions.

“Clients facing possession proceedings often have welfare benefit problems which means they are on very low incomes,” she says.

“They may also lack computers to access the court remotely or to have data or credit on their phones. Remote hearings for duty possession cases are not workable.”

The housing team at Citizen’s Advice tells LandlordZONE that many of its offices are already working with their local courts to discuss what support can be put in place so defendants have access to advice beforehand, and representation if needed.

It adds: “If they have been unable to access advice, then they should ask the court about what local arrangements have been made. They could also ask the court to adjourn the case to allow more time to get advice.”

Paul Shamplina of Landlord Action adds: “Getting Legal Aid at the best of times is very difficult for tenants because they have to prove they quality and often they don’t, but until we get a clear understanding of court representation, everyone’s a bit in the dark.”

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Tenants face little chance of finding Legal Aid when remote possession hearings begin in August | LandlordZONE.

Source : Landlord Zone More   

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