Over the past few months, the rental industry has scrambled to gauge the immediate impact of Covid-19. Many predicted that property investors would be rushing to put their properties on the market. However, surveys released in July revealed that owners are holding onto their rental homes. The research showed that 31% of responding agents reported a drop in investors looking to sell their properties.
These numbers are thought to be due to a lack of pressure to sell. Open homes are still seeing high numbers of attendance with strong buyer interest and plenty of first home buyers in the market. 61% of responding agents even cited seeing more first-time buyers in the market than before the lockdown with people hoping for a price drop.
While it’s unclear how long this will last, the market is still promising for sellers with few reporting the need to radically change their prices to complete a sale.
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