Update on Edinburgh Property Market26 Oct 2020
Edinburgh Rental Market
The 7th-month mark has now passed since we first went into lockdown and the emergence of COVID truly hit home. What started off as a rollercoaster ride, what was allowed, what wasn’t allowed, how to best adapt to the ever-evolving situation in the safest way possible, soon settled down and the market began to pick up over the late spring and early summer months. We continued to see a very steady and busy summer months with demand still outstripping supply. Rents remained very even (with occasional deductions in some of the bigger HMO properties – which was no surprise at the time) and have continued to stick at that level. All types of property have been popular, and despite thoughts that city-centre property may not prove as popular, with large numbers of office staff not yet returning to the city centre, demand has still been very high. Perhaps marketing of the properties has changed, however, highlighting extra space more in properties and proximity to good open green space.
We are conscious that there is potential for increased rent arrears – given the high probability of job losses following the end of furlough scheme but we have found that in most cases when a tenant can’t afford a property any longer- they tend to give notice to vacate. We do expect there to be more rent funded or partially funded by Housing Benefit. The key in this circumstance is to keep in contact with the tenant and keep the channels of communication open with them.
The sales market has been hugely buoyant and with various different investment channels being rocky just now, property still offers a very good return. There are some great investment properties coming to market just now and funding is becoming more readily available. Investors are keen in the mid-market sector and we are excellently positioned to be able to offer great advice here. Get in touch if you need some help or advice.