Experts have stated they expect Lockdown Two to only cause a slight blip to the UK property market.
The different between Lockdown one and two within the property market
There is no doubt the property market has continued since we entered Lockdown Two a week ago. Compare this to Lockdown One where the market basically closed down overnight and this lasted three months.
Whilst the market is showing activity recent figures have indicated viewing figures have dropped 15%, compared to the previous week. However, a number of agents believe the drop is down to people not knowing viewings can still take place. It’s not down to there being no demand for people wanting to view.
The government have indicated lockdown will be relaxed on 2nd December and if this is the case many believe the industry will not suffer a huge dent. However, if the lockdown is extended beyond this date the impact maybe a lot different.
Although the experts believe Lockdown Two will not impact the market too badly the sooner two certain happen the better for the industry in the long-term.
- A Vaccine been launched for Covid-19
- The avoidance of a no-deal Brexit
House Prices 2020
It was initially predicted house prices would fall in 2020. However, given the level of activity in recent weeks many experts predict the worst case scenario will be the market remains flat for 2020 with the possibility of a 5% increase.
Our Managing Director Christian FastMove recently stated
‘When the market re-opened after Lockdown One there was an influx of people wanting to buy a house. This basically created a mini boom. This was mainly down to two factors
- The market had been closed for three months so basically it was backing up by the day with people wanting to buy their new home
- The announcement by the government to wipe out stamp duty until 31st March 2021
Over the last week we have definitely seen a dip in viewing numbers. However, due to Covid-19 being the forefront of everyone’s mind its easy to forget that historically at this time of year things tend to slow down.