As rental property inquiries begin to rise, there has been an increase in interest of pet friendly rental homes in the UK, as more Britons have bought themselves a pet during the coronavirus pandemic, or are planning to. That means even though renting pet friendly properties can result in more wear-and-tear, it could still prove profitable for more landlords to have a pet friendly policy, as it could mean their investment popular with more potential tenants.
With more renters searching the market for their next home, other signs of life returning to the UK's lettings market include:
- Mortgage lenders are relaunching lending products for both residential and buy-to-let customers.
- Physical inspections to complete mortgage valuations are beginning to resume.
- Virtual property auctions.
Work from home means more pets
Under the coronavirus lockdown rules, many people across the UK began working from home in March and in some cases, it was a revelation; working from home can work very well and even result on higher productivity. Of course, not everyone will continue to work from home as quarantine rules ease and it becomes safer to travel into work and share space with more people. But for some businesses, working from home could become more acceptable or even the new normal.
Where more tenants are able to work from home – in a country where the number of renters is growing each year – its understandable that interest in pet friendly rental homes is on the rise. Indeed, some tenants have already bought themselves a new pet and if their existing rental home is pet-friendly, they’ll expect to have a reasonable choice of the same when the time comes for them to move on.
“It seems many people have got a new pet during the pandemic or are planning to as they see they can work from home more in the future,” said Asaf Navot, the founder of proptech firm Home Made.
“The upshot is, landlords wanting to fill properties in the coming months need to adapt to this. Pets do tend to cause a little more wear and tear so consider hardwood floors over carpets, new furniture better suited to withstanding the impact of pets and bear in mind that tenants with pets usually stay longer,” he added.
Rental market activity on the move
As online searches and inquiries for rental homes begins to rise, there are other signs of life in the UK’s rental market which has been quiet amid the stricter period of lockdown.
Lenders Leeds Building Society, Aldermore and Countrywide are now beginning to clear the backlog of valuations that require a visit to the property. Leeds BS began booking in appointments after the Prime Ministers announcement of slightly easier lockdown rules.
For Aldermore, they are continuing to conduct virtual valuations where ever possible. But where a physical visit is required, they’re carrying out thorough risk assessments to ensure their staff can do so safely for both the valuer and who ever they’re meeting at the property.
After the withdrawal of some mortgage products during the lockdown, some lenders are beginning to broaden their range again by launching new mortgage products, including buy-to-let mortgages.
Yorkshire Building Society, Clydesdale Bank and Virgin Money are launching new products with loan-to-value ratios of 80-90%. Loan size limits and rules on shared mortgages will also be removed by some lenders as the Government works on getting society and the economy back to a more normal level of activity.
Meanwhile, with large gatherings still prohibited, SDL auctions will hold its next three auctions – at least - online. The auctioneer said they have more lots for their May auction than for the April event and that their June and July auctions, which will all include residential lots alongside commercial properties, will also take place behind closed doors and allow all interested parties to bid live, online.
All of these details highlight that the UK’s lettings market is working to find a way to provide the properties for investors and tenants across the country, but in a safe way that’s suitable for the current environment.
Whether or not things go back to pre-coronavirus norms, however, remains to be seen. It’s likely, though, after being proven to work well, that online and virtual options will remain in place to be used as when is suitable.
