As partners who have been in the property industry for 30-40 years, it's safe to say that we've seen our fair share of changes in the market. From retail to industrial property, and residential lettings to buying your own home, the industry has evolved and adapted to meet changing demands.
One of the most significant changes in the commercial property market has been the shift away from retail investment, particularly out of town retail. With the rise of online retailing, the retail market has weakened, and investors have turned to industrial property instead. This is evident in the pre-lets that big players like Amazon have been taking up in recent years.
When it comes to residential lettings, we've seen a lot of changes too. Rent regulation used to be the norm, but that got lifted, and the introduction of buy-to-let mortgages made it easier for ordinary investors to enter the market. This increased supply and choice for tenants, but nowadays, we're seeing a different trend. Big multiples are building blocks to rent, making it harder to find affordable properties in villages or on the edge of towns. This has pushed prices up, making it more challenging for tenants and more profitable for landlords.
But what about buying your own home? The trend used to be to move out to the countryside and live in a picturesque setting. However, over the years, this has shifted towards moving into towns and cities for the convenience of facilities. Yet, the COVID-19 pandemic has caused people to re-evaluate their priorities, with many now opting to move back to the countryside for more outdoor space in case of future lockdowns.
As the property industry continues to evolve, it's clear that it's not just about buying and selling property but also keeping an eye on changing trends and adapting to meet the demands of the market. Whether you're an investor, landlord, or looking for your own home, understanding these trends is crucial for navigating the property market.