What a year it has been!
Despite all the challenges, 2020 has been a good year for CJ Property. The office remained open during lockdown for essential signings, and we’ve adapted quickly to the ever-changing restrictions.
As 2020 comes to a close, and we look towards a more positive future in 2021 – we reflect on the year, share some news, and provide an update on the state of the housing market in Hull.
Managing in the Crisis
Like every business, we’ve made some big changes during the pandemic – investing heavily in new virtual systems, technologies and procedures to keep our team, landlords and tenants safe.
By moving to virtual viewings, introducing bubbles and working from home – we’ve successfully managed to keep on top of all essential maintenance requirements, and maintained move in dates for our tenants.
The huge demand following the first lockdown meant that June 2020 was our best ever month for lets agreed. Thanks to our systems, we were in a great position to handle the increase in demand.
The Agency Grows
We’ve continued to develop and grow the agency in 2020 for the benefit of all our landlords and tenants.
In November, Phil Marshall joined the team as Maintenance Manager. As part of the new role, he’s heading up the entire maintenance division – looking after our extensive portfolio of properties, and ensuring that repair works are arranged quickly and completed to the highest standards for the benefit of tenants and landlords.
Phil joins us from Jordans, Car Dealership, where he was General Manager – and brings a wealth of management experience to the role.
Office Refurbishment
Over the past few months, we’ve invested in a full refurbishment of the office. In addition to updating the décor to give it a nice, modern look, we’ve also transformed the layout of the premises, to give us a dedicated reception and a meeting room.
The decorators are adding the finishing touches, and we expect it to be complete in the next week. We’re looking forward to showing you the finished space!
Evolution in the Housing Market
The ongoing crisis has had a real impact on the UK property market, and our region is no different.
Some of the biggest trends are an increase in demand for extra space, both inside and out. With so many people working from home, having a spare bedroom (however small) that can be converted into a home office has become a huge bonus.
The fear of restrictions and the impact of the first lockdown has also made outside space a real priority – making properties with balconies and gardens more desirable.
In terms of the wider market – there is a lack of stock at the moment. Buyers outnumber sellers, and this is pushing up prices. Stock is moving very quickly, making it an ideal time for those looking to sell.
On a more practical note, completion times are significantly longer than usual – with solicitors still struggling to catch up with the backlog caused by the restrictions.
Rental trends
There is a lot of positive news for investors and landlords. Rents are up and demand for properties is high – which means lower vacancy periods and better yields.
Uncertainty about the future has seen tenants more reluctant to move out, and are renewing long term leases earlier.
Although there are uncertain times ahead, the rental market in Hull looks set to be buoyant for the foreseeable future.
Opportunities for investment
In the current market, there are real opportunities for property investors in Hull and the surrounding villages.
Although house prices are rising, houses are still well below the national average, with properties for sale to fit a full range of budgets and investment strategies. Yields of 5%+ are achievable in multiple locations across the city.
With so many new build developments, there are also opportunities to strike deals on multiple properties and build partnerships with developers for the future – while benefitting from the guarantees provided by new properties.
Finding Buy to Let Homes in Hull with CJ Property
Whatever your property investment goals, every successful buy to let strategies starts with buying the right property.
At CJ Property, we have a proven track record in helping investors to make the right decisions. With unrivalled local experience, we understand the market inside and out, and know exactly what tenants are looking for in and around the city.
Through our Search and Find service (£450+VAT), we can help to ensure you choose the right properties to fit your objectives. Providing a proactive service, our mission is to ensure you are always prepared and armed with the information you need to make the right decisions for your portfolio.
For additional information about our Search and Find service, or to talk to a member of our expert property management team, please call 01482 645270 today.
