There have been many speculations as to where property prices and demand will be after lockdown. Having had plenty of time to follow the news and listen to experts on podcasts and webinars we are feeling very confident for the future.
We had already seen a really good market just before lockdown. Following a few years of tough times with the dreaded Brexit we felt we had turned a corner and were seeing the market react strongly to the more certain times ahead. Yes, we have along way to go in terms of negotiations but technically we are out of the EU and have that certainty. Markets, especially the property market, do not react well to uncertainty.
Before the lockdown we were seeing a real increase in properties coming to market, buyer confidence when making offers and more importantly banks were lending. Even now through lockdown we have been taking enquiries for our current stock and also people eager to list their property as soon as we get the green light from the Government.
Having listened to leading economists we are very optimistic for the future of the housing market. The Government have pumped billions into this economy and for the best part most people have not been able to go out and spend their money. Furloughed staff are receiving at least 80% of their salary. Not being able to go into work has enabled them to save on things like travelling expenses, coffees and lunches. Most I have spoken with have seen this as a positive some are even saving their money!
We know there are some people in a terrible financial situation and we are by no means forgetting this but we are looking at this purely from the terms of what it all means to the property sector and how it can impact on our business, staff and clients.
As previously stated, we have been through a very slow and laboured market for past few years. People have been reluctant to move unless they really had to. Most people were playing safe and staying put until they knew what was happening in the economy. The properties we did advertise were selling but slowly and not for what they should have. There were plenty of people needing to move but scared to do so.
More recently the anxiousness had disappeared and people were moving, first time buyers were queuing up to see our mortgage broker and get on the housing ladder. Once we come out of this lockdown we believe we will see a return to this buoyant market as with money in the economy and mortgages at the cheapest we have never seen them the signs are all there. Mortgage money is almost free if you factor in low interest rates and high inflation!
We hope we are reading this correctly and not being over optimistic but if you follow the experts and don't get bogged down by the negativity in the media I think you will see what we mean. Even the Governor of The Bank of England stated on national TV that he could see a bounce after all of this.
We are planning for a bumper year of transactions. Once the kink in the pipe is released we will see the money flow and the economy boosted.