Friday News #051 – CORONAVIRUS: The broader impact on property

  • by Stuart Williams
  • News
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Friday News #051 – 3rd April 2020

Whilst the mainstream property market is widely being reported to be on ‘pause’ there is still considerable activity taking place, albeit now from remote offices, to ensure exchanges go ahead, to manage negotiations and to assist buyers in securing properties.

The property market is a fundamental part of the economy, and at this time, and historically, it proves itself to be a resilient investment class compared to other assets.

With a weaker pound, overseas investors are once again making the most of the opportunities available. If you are in a position to take advantage of the opportunities that are present in this current climate we fully support and recommend that investors do so.

Here’s what we’re seeing in the news:

CORONAVIRUS: THE BROADER IMPACT – PROPERTY: After the turmoil and volatility in the financial markets this year investors will take comfort from the perceived stability of house prices, which could see investors turn to property as an alternative. Read the full article from Coutts UK chief investment officer, Alan Higgins.

Treasury to suffer £5bn tax hit as coronavirus stalls housing market: The Treasury stands to lose almost £5 billion in stamp duty amid the coronavirus crisis with a fall in property sales and prices likely to halve its tax take, according to a leading estate agency. Read more from The Times.

Demand for rental accommodation hit record high for the month of February: Demand from new prospective renters hit the highest level on record for the month of February, new figures show. Read more.

Why the Build to Rent sector must invest in property management: We are all facing incredibly challenging times in light of the coronavirus pandemic, and when it comes to the Build to Rent sector, the speed and effectiveness of the operational and management team response will be remembered, rated and talked about by residents for a long time to come. Read more.

Facebook Q and A: COVID-19 and the Property Market: In case you missed it earlier in the week, Stuart conducted a live Q and A to cover of the questions we’re being asked most often at this time, share our thoughts on the market and what we’re advising our clients to do. Watch the video.

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