The level of activity in the housing market in the months since real estate agencies were allowed to reopen on 1 June has surprised market analysts, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“Service levels in our industry are generally very low, especially considering that we are dealing with major investments that often involve major emotions too. For the person selling, buying or renting a home, it’s a very personal thing and an opportunity to touch hearts and influence people. We have to become customer-obsessed” – Chief executive officer of national real estate group Just Property, Paul Stevens said.

The rental market has not been at levels like this since the 2008 financial crisis, said Stevens. “Vacancies and tenants in arrears are at all-time highs and with TERS relief having recently come to an end, I think we are going to find rentals collections will be under pressure for at least the 1st quarter of 2021.”

Unfortunately, he predicts that vacancies will remain high for most of 2021 as the economic difficulty continues. “The difficulty in finding good quality tenants, something the industry has battled with for the past few years, will intensify.”

“A factor here could be that current, good tenants are realising that in many cases the amount they are paying for their rental is very often the same as what monthly repayments on a bond would now be if they bought a home at the current low interest rates,” he said.

Read more here

[Article Credit:]