• London house prices: sales facing worst outlook for 20 years according to a RICS report
• January sees London house prices slump for a fifth consecutive month
• According to Rightmove, the number of homes being listed for sale has plummeted by 19% compared to this time last year
• Inner London house prices are down 2.5% year on year
• UnderTheDoormat gives top tips how to survive the 'Brexit Housing Market Slump'

With Brexit dominating the dinner table conversation, so it quickly turns to the housing market and the most likely implications come 29th March. The outlook is bleak. Uncertainty so often results in 'standing still', which as we know is no good when it comes to buying and selling houses.  According to leading property website, Homes & Property, London property prices have fallen for the fifth month in a row, wiping more than £15,600 off the value of the average home since the market peaked 18 months ago. A worrying time if homeowners are needing to sell.

In the event the UK crashes out of the EU without a deal on 29 March, “London, with its exposure to international business, is in the line of fire”, says Mark Dyason, managing director of specialist lenders Thistle Finance.

In London, research shows homes are staying on the market for significantly longer than they were just 12 months ago. On average a semi-detached property is staying listed for 10% longer and a terraced home 14% extra (according to On Market, Jan 2019). One and two-bedroom homes are typically fairing the worst, with the 'For Sale' sign staying firmly in place for 15% more time than it would have done a year ago. 

At the same time, sellers in inner London and the capital's most central boroughs seem most hesitant, with a 24% drop in new listings, indicating that they are waiting out the current market uncertainty before considering a sale.    It's no surprise why when Industry analysts and economists surveyed by Reuters have predicted house prices in the capital will fall 1.7% this year and a further 0.3% in 2019, whether or not the UK secures a Brexit deal.  In Inner London it's even worse as House prices are down a staggering 2.5% year on year.

Property values in the capital, long a haven for foreign investors, more than tripled in the last 20 years, “but demand and turnover have crumbled since the June 2016 vote to leave the European Union and property taxes were raised”, says Property Wire.

As is usually the case, with such seismic change can so often come interesting outcomes. The sharing economy was built out of the '2008 crash' and it continues to thrive in economic uncertainty due to the flexibility it provides. For those who are trying to sell second homes, or homes they don't live in for long periods of time, responsible short-term letting should almost certainly be considered. Here Merilee Karr, CEO and Founder of premium short-term lettings provider UnderTheDoormat, explains why this alternative solution has its benefits;

1. Your home stays safe and secure - 'lived in' as opposed to empty

From a security point of view, it is hugely comforting for the owner to have a home lived in rather than sat empty. Burglaries are rife amongst empty properties which causes further anxiety and difficulties when it comes to selling. By short-term letting your home, you not only have people living in the home but also cleaning companies, maintenance people etc. The home becomes less of a target.

Martin Herbert, Managing Director at Banham Security said:

"Burglaries are rife in empty properties and there are several signs that burglars use to identify homes that are not occupied.  These can include an accumulation of post and leaflets, bins not being put out, no lighting or sounds at night and packages left outside the property. It is always far safer to have properties occupied rather than left empty whilst on holiday or awaiting a sale. Furthermore, statistics show that if a property is alarmed it is 84% less likely to be burgled.' 

2. Providing an additional income stream

Most homes have a mortgage or service charges and upkeep on them that still need to be paid for – whether the home is empty or not. By short-term letting your home, it provides you with an attractive income stream that can help cover the costs of your home until it sells for the right price. The typical UnderTheDoormat homeowner earns £10,000 per annum by short-letting their home – something to seriously consider in the midst of a turbulent property market.

3. Working around Estate Agents and viewings

We are very happy to take on homes that are listed 'for sale' for all the reasons outlined above. We are adept at working alongside estate agents and helping prepare homes for those all-important viewings when they happen. We can even send in a cleaning service mid-stay if needed. You can be earning an income while you wait for the viewings to come through and show it off in the best light when it does as it won't feel vacant and un-lived in. 

4. Keeping your home well- maintained whilst waiting to sell

When showcasing your home to prospective buyers, its important that it looks its best. Having short-term lets ensures your home is cleaned regularly and gives the feeling it is cared for. It also means any maintenance issues are picked straight-away, and remedied so it's ready to go when it does the right buyer makes the offer.   

Projections for 2019 are mixed. Bank of England Governor Mark Carney set alarm bells ringing last week by warning that a no-deal Brexit could wipe 30% off house prices. Whilst not all experts offer quite such alarming statistics, even the largest online real estate portal and property website, Rightmove, is predicting at best flat house price growth nationwide but almost certainly a dip in London. 

Launched in 2014, UnderTheDoormat up was formed as a result of a passion to make the most of the staggering number of empty homes in and around London and, consequently, offer exceptional accommodation for those seeking out a 'home from home'. Offering a completely effortless service for the homeowner, UnderTheDoomat manages in excess of 200 homes on and around London and works with individuals, property developers, relocation agents and estate agents to help homeowners maximise their return on what is arguably their greatest investment.

In the current market uncertainty, this flexibility to earn an income while the future becomes clearer, is a great benefit to help homeowners and their agents to weather the storm. 

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For further information please contact Sophie Lennon, PR & Marketing Director for UnderTheDoormat, on 020 7952 1650