13/05/2020
You’re probably wondering if now is a good time to get into Property Investment or if you already own property; maybe you’re concerned about how COVID19 will affect your investments and possibly your existing tenants.
So how do you navigate these uncertain times? Property prices are said to have fallen by around 5% with some forecasting a drop of 10%. Tenants may be experiencing uncertainties around their income, which could in turn affect your earnings as a landlord. A lot of us are unable to see our friends and family OR are sharing the same space with our families 24/7, which presents its own challenges! All in all, the current environment has been more than a little unsettling.
We can however choose to take the perspective that very few things are certain in life no matter how much we plan. COVID19 could be viewed as a compounding factor alongside Brexit, supply, demand, inflation and interest rates, all doing their bit to affect the property market – Thoughts?
From what we have seen, rental arrears have only increased marginally to around the 2-5% mark. have reported that demand has picked up again after the initial drop, with 40% of buyers and sellers in the market following through as planned and 54% postponing until after the lockdown period.
Positive news for the wider economy, suggesting people are keen to progress and move forward. Industry bodies such as and The NAEA are also calling for a stamp duty holiday to kickstart the market which could encourage growth in 2020 and beyond.
– The housing market has been given the to reopen after the Government announced it would lift the ban on Property Viewings and Valuations taking place, provided we maintain guidelines. FYI– It’s okay to do your happy dance at this point :)
Business aside, for those of you who have been personally affected by COVID19, be it yourself or your loved ones - Our hearts are with you.
