As we reported, in their March House Price Index Report the Nationwide Building Society took what many property pundits thought was a rather over-optimistic view that there could be a positive rebound in the housing market post lockdown. In this weeks report for April, they have continued to support the idea of a rebound, and this view is now beginning to receive more credence and backing by many in the property industry.
Rightmove conducted a survey by live webinar asking consumers whether their plans to move home before lockdown had now changed. The indication from this report is that the UK public is still taking a very positive view of what the future may hold for UK housing market, despite the coronavirus crisis.
You may consider the correct answer is - nothing! We are professional estate agents, valuers and surveyors and they are purveyors of luxury coffee (which occasionally we might drink). However, what we do now have in common between us, is that it has been recommended in a report to the government that estate agencies and cafes should be amongst the first businesses to re-open as soon as the lockdown is eased.
Mark Hayward the Chief Executive of NAEA Propertymark, one of the two key professional bodies regulating estate agency in the UK, spoke on an industry webinar on Tuesday 14th and informed agents watching that the government are already looking at how they can help the housing market recovery.
The March 2020 RICS UK Residential Market Survey results highlight that despite the first few months of the year showing a marked pick-up in market activity, this month, as agents and the market go into lockdown, will have a significant impact on the outlook for the rest of 2020. See a summary below or go to downloads on this page and grab a full copy of the report.
Many people are wondering how the property market will fare in the coming weeks, months and years. Although we don’t have the answers to those questions, we can make some general comments and observations.
