Friday News #052 – 10th April 2020
Traditional estate agencies have been forced to shut down during the lockdown, unsurprisingly with physical viewings and surveys not taking place the number of properties bought and sold will be lower during this period of time.
The predictions for property values, however, are much less dramatic and apparently not quite as headline-worthy as they indicate that the UK property market remains to be a resilient investment choice.
There remains to be an opportunity for investors; in many instances, there have been favourable circumstances for those seeking UK property who are based abroad and we’ve seen a number of savvy individuals taking advantage of their position and the current climate, we fully expect this appetite to continue.
Here’s what we’re seeing in the news:
Number of UK house sales will collapse in 2020 as market goes into deep freeze, says study: Major analysis of coronavirus impact stresses property prices will dip only 3% and then quickly rebound. Read The Guardian’s article highlighting Knight Frank’s latest forecast.
Coronavirus: Property sales down 70% since lockdown, says Zoopla: Properties were still selling and being newly listed until the start of the restrictions on 23 March, when, among other things, the government urged people not to move house. However, sales have continued since then, although at much lower levels. Read more from the BBC.
Tenants rushed to secure new properties in March before the shutdown: There was a surge in demand from renters in early March before they became unable and unwilling to move. Read more.
UK housing market could bounce back in Q4 2020: Housing market activity is on track for a drastic fall this summer, as significantly fewer homes change hands due to the COVID-19 pandemic. Read about the expectations for a quick recovery in transaction levels.
Q1 2020 Review and what’s coming up in Q2: In case you missed it we recently released our review of Q1 and a preview of what’s to come in Q2 from Thirlmere Deacon. Read more here.