Covid-19 will be something the world remembers for years to come. The pandemic that swept the world with whole countries, including the UK will have a lasting effect and will take time to come back from.
The impact the virus has had on the economy so far has been phenomenal. Since the outbreak began stock markets across the globe have been in freefall, business have had to shut, the travel industry has ceased. The Bank of England have cut interest rates from 0.75% to 0.25%, then a few days later to 0.1%, the lowest in history, to try and help businesses and individuals cope with the economic damaged caused by Covid-19.
What affect will the virus have on the property market?
The answer is that no one knows, because it depends how the economy will bounce back from this.
With the help of government funding and people having more time to browse the market to accommodate future needs i.e. remote working, Premier Neigh’bours has been inundated with sales, rentals and buyers and have found it to be a buoyant market especially on top of Christmas.
Businesses across the UK have had to close due to the pandemic, however estate agents are business as usual following contingency plans and with the rules surrounding lockdown it makes viewings still possible. Solicitors are still operating, but this is likely at a reduced capacity. From our own experience our solicitors are operating a smooth service to ensure completions are done without delay, working around the clock and we are immensely proud to be working alongside them in these unprecedented times.
In a nutshell nobody can predict the property market, over the years its been peaks and troughs but always on an upwards trend.
If you are looking to sell, buy or rent out your property do not delay call Premier Neigh’bours today and take advantage of the stamp duty holiday.