How COVID-19 impacted the real estate market in the UK?
The UK Government published a guide on home moving during the coronavirus outbreak.
The process of searching for and moving into a new home is different because property agents, conveyancers, and other professionals have modified how they work to reduce the risk from COVID-19. These changes could include doing more online, such as offering virtual viewings; vacating your current property during viewings; and ensuring your property is thoroughly cleaned before someone else moves in.
The Bank of England cut its interest rate to 0.1% on March 19, 2020. In spite of the BoE easing policy, many banks have tightened lending standards.
During lockdowns far fewer homes were sold across the UK, leading to record sales from pent-up demand after the lockdown ended.
According to The Guardian, UK recession expected to continue until spring amid Covid-19 surge. City says economic fightback is running out of steam as new restrictions are announced.
As a Covid-19 second wave spreads and the government launches fresh measures to restrict business and social life, City economists warned that the fightback from the deepest recession in history begun this summer was running out of steam.Dashing hopes that the Covid recession could be among the shortest downturns in history, analysts from Bank of America said growth in gross domestic product (GDP) would probably stall in the fourth quarter and the first three months of 2021.
Robert Wood, the chief UK economist at the bank, said: “We struggle to see how the economy can grow in the fourth quarter with escalating lockdown measures, fading stimulus and Brexit risks.”
