February 2021 Newsletter
Welcome to our February Newsletter where we look into key events for the property market.
The Possessions Procedure
We have all felt the effects of the Covid 19 pandemic which has led to much heartache and a loss of many people’s income, homes, and lives. The Government recently stated that the stay on evictions would be extended until the 23rd of August. These modifications do not change any rules around possessions for landlords but it does, however, change the steps in which landlords apply for possession through the courts.
This doesn’t amend Section 21 or Section 8’s but gives practical guidance on how the courts will deal with these cases.
- If an application for possession was made to the court before August 3rd 2020 then the Landlord wishes to continue then he will need to reactivate his claim by writing to the court by using a ‘reactivation notice’.
- As part of the reactivation notice, any information relevant to the tenant’s circumstances regarding Covid-19 before the hearing. For instance if they are aware that the household has been shielding, or is in some way vulnerable.
- If you are looking to rely on arrears, it makes clear that landlords should produce evidence of the full arrears history in advance – not just at the hearing.
The full memorandum can be found here : Possessions procedure to change when courts reopen
We feel everyone should be aware of the current Possessions Act which has been changed slightly to accommodate all tenants. Here is an article that might be of some help in understanding the Act: Understanding the Possessions Act during Covid-19
Over-supply in Central London
A noticeable agent has stated there is an over-supply of properties to let within the central London market, but as the pandemic has caused a decrease in demand in this area, this has posed a problem with potential tenants being unwilling to commit to the high cost of renting in central London. One of the contributing factors for this is the majority of people are now working from home, and don’t need to spend additional money to drive to and from work every day. Another contributing factor is that living in London is very much about the social appearance, and with the lockdown, the majority of the area’s businesses remains closed. As well as the Airbnb’s within Central London are now turning back into rental properties as a result of the Covid-19 lockdown and travel restrictions, which has also contributed in the high oversupply of properties currently on the market.
This has caused a dramatic fall in rental stock that has now flooded the market.
The full article is available to read here: Massive over-supply in Central London and London Airbnbs turn back into rental homes
What New Tool do we have for you?
Have you ever heard of a valuation tool that will offer you a quick valuation of your property but also provides you with accurate data as to why it was given? What we would like to introduce to you is Homesearch. It is the best way to get an online and detailed valuation of your home.
To find out more you can visit our blog: Fish Needs Water – Homesearch
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