Property Market And Coronavirus
29th March 2020 posted in Property News Sellers Buyers Landlords Tenants
With uncertainty causing significant issues for the housing market, it is no surprise that many people are wondering how current circumstances will affect the market. 2020 started positively for the housing market.
A wide range of industry experts and observers suggested that more property deals would be concluded over the year. Anecdotally, there was an increase in house-hunters registering an interest in homes, and at Hunters Greenwich, we witnessed this optimism at first hand.
Therefore, it is concerning to have this positivity and optimism removed from the market, even if there are more pressing issues for us all to deal with. If you have any questions regarding the local housing market, please get in touch.
We understand the Greenwich housing market
At Hunters Greenwich, we are pleased to say we know the local market. Also, as a company with branches all across the country, we are well-connected with the nationwide country market. If you are keen to stay in touch with what is happening in the UK housing market, make sure you stay in touch with us.
Russell Galley is the Managing Director at the Halifax, and he said; “The UK housing market has remained steady heading into early spring. The sustained level of buyer and seller activity is strong compared to recent years, with positive employment conditions and a competitive mortgage market continuing to support demand.”
However, Galley admitted that there is a need to wait and see how the market will be affected by Coronavirus.
Mark Hayward from NAEA Propertymark spoke about the need for change in the industry. He said; “Typically spring would be the time to see an influx of properties coming to the market, but this may be restricted in the short and long term. As the current situation continues to evolve, it’s likely more agents will move to virtual viewings. This week, we’ve recommended our member agents offer 360-degree viewings, or if this isn’t viable, offer to show properties via video call or recorded film.”
Rightmove have also vowed to do whatever they can to help the market. The property portal’s CEO Peter Brooks-Johnson said; “At Rightmove we are doing everything in our power to rise to the challenges of COVID-19. We have chosen to utilise our position to support our customers at this difficult time.”
Things can change quickly in the current climate
There hasn’t been much updated information regarding the strength of the housing market in the UK, although this will likely change in the next few days or weeks. However, industry experts in the United States have been more forthcoming.
Leading American Trade Body, the National Association of Realtors has provided analysis of the current market condition. Their Chief Economist, Lawrence Yun said; “With fewer listings in what’s already a housing shortage environment, home prices are likely to hold steady. The temporary softening of the real estate market will likely be followed by a strong rebound once the economic ‘quarantine’ is lifted, and it’s critical that supply is sufficient to meet pent-up demand.”
We will ensure you remain up to date with developments in the UK housing market.
The UK housing market has experienced many peaks and troughs over recent years. At Hunters Greenwich, we are pleased to say we have helped clients come through all these times, and we are here to assist you with whatever move you are keen to make. If you would like to make informed decisions and remain fully informed about the local housing market, contact Hunters Greenwich today.