The UK property market has taken a hit like never before. The Coronavirus pandemic which resulted in lockdowns and restrictions throughout the world, caused mayhem and lasting damage to business and industries across the globe. One industry hit particularly badly in the UK has been the property market, including rental, commercial and property sales, all of which were effectively put on pause and in some cases, stopped altogether.
Property investor Rex Ekaireb commented on the effects of the lockdown on the property industry saying: “Although most people accept the effects that this pandemic has had on the property market, few are able to consider things from the perspective of landlords, tenants, buyers, sellers and lease-holders…”
Rex Ekaireb continued commenting: “It is not simply the case that sellers have had to wait, with buyers having mortgages paused. Landlords have lost considerable income and tenants as a result, have lost out too, with less available to be spent on their properties.”
The property market is however showing signs of recovery both in respect of the UK economy, which has recouped around half of the growth caused by the pandemic already (with just over 11% to go before we are at pre-pandemic levels of economic growth) as well as the industry itself which is reporting strong figures too.
The Chancellor of the Exchequer, Rishi Sunak also announced the Stamp Duty changes which are in effect until March 2021, which have kick-started the UK’s property sector, leading to many buyers rushing in to snap up the properties they want, saving potentially many thousands on Stamp Duty.
Additionally, there have been changes made to the UK’s planning laws, with many restrictions relaxed, which is aimed at providing more housing as well as stimulating the construction sector, another which was hit by the coronavirus pandemic. These measures combined are all positive movements by the UK Government to not only increase activity is these sectors but to also get consumers’ confidence in engaging in those sectors back on track, all of which are key to any economic recovery to come.
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So much has confidence increased recently in the UK property markets that the Royal Institute of Chartered Surveyors (RICS) has reported over 40% of its members have seen increases in UK property prices, a very positive indication.
Having gone through lockdown, many prospective property buyers are now favouring properties with gardens and outdoor space, having found a new appreciation for the outdoors. so high is the popularity in properties with gardens that over 80% of RICS members expect these types of properties to increase in value over the coming years, which will bode well for current homeowners and perhaps less-so for those looking to buy properties in the coming years.
Rex Ekaireb commented on the improvements: “It is hugely positive that the UK’s property market is showing the resilience it is. Ultimately, we need to recoup the losses and repair the damage caused by the combination of the recent pandemic and subsequent lockdown.”
Ekaireb also said: “The government of course must always put people’s health before anything else but they are also correct to realise that if the economy falls, the population’s health will follow and no government would want that to happen.”