Property Prospects for 2022

Being able to tell what the property lettings market will do for the next 12 months is near on impossible, as has been proven in the last 12 months. There was no movement at all for January and February and as soon as mid March came round, it seemed everyone was wanting a life in East Lothian with a mass exodus from Edinburgh. This meant a vast supply in Edinburgh giving tenants the pick of the bunch at great prices, whilst East Lothian saw record rents with people taking properties without viewings.

Edinburgh has more than definitely made up for it with families and individuals moving back from either overseas or other parts of the UK, to be closer to family in the Scottish capital. The Summer months saw rents recover and ultimately increase, with both Edinburgh and East Lothian carrying on the wave of huge demand.

So what will 2022 bring? Whilst there are always highs, that means a low will appear; however timing will depend on many factors. Landlords may start feeling the pressure of interest rates increase or if further legislation is passed further pressuring the average landlord, affecting the supply of properties to tenants. Further variants will be the wildcard of 2022, however predictions from the more positive scientists are that variants will get milder and milder and it will be a case of living with the virus as opposed to the complete lockdowns seen previously. Consequently not affecting the rental market.

For the moment demand is still high in East Lothian, with many families renting whilst waiting for new homes to either be built or to come on to the buyers market. This will inevitably lead to slower demand and only time will tell as to when we will see more stable demand pre-pandemic time.

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