Since the release of the Government’s plans to ease the COVID-19 lockdown in four stages, if all the data permits, there have been reactions from the industry. If all rules in place are eased by 21 June, which will depend on hospital admission and cases and deaths to continue to fall, it is hoped that we will see the economy jump start back into action and that we know when we can expect normality to return and the nation starts to reopen for business.
The property market has remained resolute in the face of the current pandemic, this lift in wider economic sentiment should further build on the strong foundations of market health spurred by the stamp duty holiday. We can expect both the number of homes sold and the value at which they sell to continue climbing over the coming months as the backlog is cleared. The property market has been running on the artificially fuelled demand of the stamp duty reprieve. This is due to end in March and it was thought that property prices could nosedive as a result. However, it seems unlikely that this crash will occur, rather that the market will simmer to a more measured level of activity.
It is thought that interest from foreign buyers will resume and increase. This interest is usually at the high-end of the market and it has not been helped by travel restrictions but now it is known when normality will return it will spur the buyers on to return. As there is also an increase in stamp duty rates for foreign buyers pending, there could be a mad scramble to purchase UK property which will cause property values to climb as we head towards the Spring.