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TODAY'S OTHER NEWS

BTL landlords and sellers no longer holding back

The Conservatives’ general election victory in December has triggered a new burst of housing market activity as confidence flows back into the market, according to The ValPal Network.

Ahead of last year’s general election, housing market activity had been on hold while potential buyers and sellers waited for the political situation to become clearer.

But the instant online valuation service provider reports that the political clarity provided after Boris Johnson swept aside opponents in December to win a comfortable majority the election has meant that many of those who had previously been holding back doing deals before Christmas are now active in the market. 

Fresh data from the network of agents, which represents over 800 brands with more than 4,000 offices, shows it was not just buyers and tenants buoyed by increased market certainty, with a sharp rise in the number of landlords and sellers contacting agents last month.

Figures show that agent members of The ValPal Network generated 83,158 leads during January from prospective sellers and landlords requesting an instant online valuation of their property from an agent's website.

This represents a significant increase from the 37,400 online valuations leads generated by The ValPal Network's agents during December.

January's total is the highest monthly number of online valuation sales leads generated by agents since October 2018 when the figure peaked at 102,999.

Throughout 2019, the number of leads generated by The ValPal Network each month hovered between 40,000 and 60,000, demonstrating the significance of January's figure of almost 85,000.

On an annual basis, last month’s performance was also notably strong, up from 45,565 leads in January 2019, 60,051 in January 2018 and 44,481 in January 2017.

The announcement from The ValPal Network follows the news that both Rightmove and OnTheMarket received record numbers of website visits in January.

Craig Vile, director of The ValPal Network, said: "Despite reports of increased confidence immediately after the election, it's clear that January was when the market resurgence really took off with huge numbers of sellers and landlords requesting instant online valuations from our agents. 

"The election came less than two weeks before Christmas, so it’s likely many consumers waited until the New Year kicked off before acting on their intertest – in many cases after a period of planning and discussion over the holidays."

"This increase in activity from prospective sellers and landlords paired with the rise in visits to the major portals shows people are more confident about market conditions and subsequently more committed to taking action in 2020."

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    A clear sign that More BTL & Private sector landlords are selling up due to unfair laws against PRS sector home owners facing high court costs to evict rogue tenants.

    PRS is not a secure, profitable investment any more.

    Unless the govt. makes laws to help good landlords evict rogue tenants without incurring heavy losses, legal costs, and council penalties etc-unfortunately more landlords will sell up creating a further shortage of good homes for rent.

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