Lots of negativity and when you look at the numbers it looks like it is going to be terrible. But don't believe that's the case. Here are my thoughts.
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Hi guys and welcome to another Landlord update. It's a pretty interesting time because we've got lots and lots of negativity around the economy and how bad our session is going to be and all this stuff. If you look at it on the numbers it looks like it's gonna be terrible you know you see just a drop-off. But don't believe that that's the case okay, and as I've said under normal circumstances. I say to be terrible if we actually drop that much and the reason was the economy and the reason was a particular thing like a housing crisis or while those who knew things you know dot-com bubble one of those then fair enough because it's a virus it hasn't actually affected the businesses that underlie it and that's good news okay.
So the unemployment rate hasn't had to scoot up as well as the government support. We've never seen government's support small business and individuals like they are now individuals through the furlough system and small businesses through the bounced back loan system which you know virtually everyone I know who has a business and is viable is actually availing themselves of that. I know we have as a business I'm sort of slowly drifting of seeing how it's going because I realize it is still debt. But if you're self-employed out there and all you know you've got a company whichever it's worth looking into okay. Because we don't know what's coming it's better to have that money even that sits there because you can sit there for a whole year yeah no interest and then you pay it back in a year's time if you need to.
Now what I wouldn't be doing is taking lots of lots of debt and not realizing that you've got to pay it back because of 50,000 that's what a hundred bucks a month or something 500, 600, 700 or 800 but something like that depending on you know who this great money two and a half percent you know over six years one year three and five years.
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Anyway if you're not in that situation that doesn't worry but the good thing that is creating a lot of stability in the market we're actually seeing a lot of activity people are moving. Now that would normally happen because the spring bounce is upon us. But also because people realize they want to get out of a place I mean as a business with my business that I furloughed the sales business Gladfish, we're actually handed I notice into our our our London office and we're moving to somewhere at about two or three times bigger. We haven't decided the exact one yet, but we're moving and we're moving to Liverpool Street where we just think it's a better fit for the business we are to be around that's sort of a clientele. But also Liverpool streets very easy to get into from Kings Cross or Euston.
So you know so it's good news for us to be able to do that because as well we need a bit more space. You know we're the guys are you know spend all day being on phone's talking to clients doing presentations that's or stuff and right now the office we've got is actually quite cramped we went from one Wembley where we had a whole floor to having an office you know I think it's 1500 or 2500 sq ft we go to sort of 3000 or 4000 sq ft potentially maybe 2000 depends on what we take. The bottom line is things are pretty good for where we're at okay.
Now Lettings is happening you know and it's happening almost as normal. Almost in some cases quite surreal. The one thing is we're seeing about a 100 sorry 50 to a 100-pound drop in rents that people are offering. You know I mean to be fair that's to be expected. Yeah, that's to be expected given what's been going on. It's interesting we are in the process of hiring another Marketing Manager right now and so the recruitment agent I'm speaking to the guy I am speaking to is going best time to recruit people right now because you've got so much talent out there. Because a lot of people have been made redundant so there are redundancies there is you know people were you know laid off and that sort of thing.
But right now the property market is functioning pretty damn well. Now a couple of things mortgage payment holidays let's talk about that, so mortgage payment holidays we've had three months so we're gonna have three months at the end of this you know so you've got the three months which is great hopefully you avail yourself of that and that cash is in your bank. Always good to do that you know not knowing what we're going forward to so to have that but they're looking to expand it potentially for another four months okay. But what I think we're starting to see is I know TMW contacted me and said that I now have to prove that I'm in-hardship not that I'm in hardship that actually the tenant isn't paying me okay.
So that's just a simple letter from the letting agent I've spoken to them and they just need a letting agent so if you need that letter to get your extended payment holiday for a further four months. I think different banks are doing different things and the full announcement isn't coming out. But we have it off that just tell us, we'll do a pre-formatted letter and basically put the data in there and we'll send you can send that off that you'll have our you know I'm happy to sign that if you need okay.
Look we want to get through this when we get through this but at the same time one of the issues noticing is now that I've got rid of them and then we're gonna do a separate video talking about the issues we've faced as a company from the previous two general managers we've jumped in when Arlene and I jumped back in we've spent a lot of time in the business working the business getting systems up and running. You know and what that is meant is we're starting to really get a grip on the business right now in terms of developing in and really giving you guys what we're integrating is what would we talk about Gladfish into Ezytrac okay. So you get a more holistic portfolio and management system or process and that's what working out right now so no apart from that because there's not a lot really more to talk about.
If your place is unlit it's likely to get let and with not too much of a problem because you know agents are available now some of them still aren't back something are still furloughed some of them are working even though they're furloughed. But the government has said that they are going to allow you to bring people part-time you know still furloughed bring them back on part-time. So that's a great way and really it's the best way to get economy back on its feet. So that you know as a business I don't have to make the decision actually we can afford this we can't afford that so all of these people need to go yeah we don't want that nobody wants that the government doesn't want that you guys don't want that you know as employers and you guys tell of those employees tenants don't want that you know nobody wants that so they're being really responsible and I have to say a bloody impressed with them still.
You know they so far they haven't stepped wrong maybe not on the virus but certainly, in the way, they're treating this industry and you know and landlords and how things coming ahead so it's really good news all around but yeah but because that's pretty much it for this week and yeah we'll see you again soon all right see you bye