It’s safe to say that the lockdown restrictions have been challenging for us all. We’re all wondering what day it is, adjust to a new way of living and working, and many of us have experienced the impact the COVID-19 pandemic has had on our work.
And as we all will know, the property market has certainly seen this impact too. It’s a difficult time for those who work in the property industry as well as people looking to sell or buy a home.
But, like many of us, I find myself pondering how and when these restrictions will be lifted and what it is going to be like for us all when we come out the other side. It’s unlikely we will know the true realities of this for a little while yet but it’s safe to say that life will look a little different.
And as for the property market, I believe this will bounce back stronger than ever! How could I possibly come to such a conclusion? Here’s my six reasons why…
1. Home improvements are on the rise
Households will have now been at home for just over a month, which has now been extended for at least another 3 weeks. Most households will have odd DIY jobs that they never got round to doing before. Moreover, the restrictions on leaving our homes mean many of us are picking up a paint brush to redecorate, or even just making some simple home improvements around the house and garden. Once these have been completed, homeowners may be curious to find out how much their property is worth, ultimately making them think about putting it on the market as they have now made their property more sellable!
2. The need for a change in surroundings
Inevitably, spending a lot of time at home will make many homeowners realise they may not particularly like where they live. This could see many wanting to move to a different area, or maybe upsize or even downsize. For instance, those who are currently living in flats may want to look for somewhere with a garden, some may have discovered just how noisy their neighbours are, or some may now like to be closer to local parks and amenities.
3. Matrimonial issues
I hate to say it but there will undoubtedly be couples who will realise during these lockdown restrictions that they aren’t meant for each other. With that, once everything is back to normal, one of the first ports of call will be to make arrangements regarding the marital home. This is likely to mean their property going on the market, as well as potentially both parties each purchasing a new property.
4. Extra savings
First time buyers, who were on the cusp of saving for their deposits, have not been able to spend as much money going out over the past few months. These potential extra savings may put them in position to start searching for their first home.
5. Probate sales
Unfortunately, this horrendous virus will have taken its toll on many, in addition to the unrelated deaths still happening every day. This means that many loved ones will be dealing with their estate, meaning more property assets will need to be sold.
6. Redundancies
Some businesses may need to make the difficult decision to proceed with staff redundancies in light of the current situation. This may mean an increase in recently redundant homeowners looking to sell their assets or, alternatively, downsizing.
Everything I’ve mentioned here will provide opportunities for properties to be brought or sold on the market, giving the property market the chance to thrive again. With all that said, I believe the property market will come back just as quickly as it went away.
If you’re affected by any of these issues, or require advice on any other property matters, our teams are here to support you via phone, email or video conferencing.
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