How COVID-19 is Impacting on Property Sales
What impact is COVID-19 having on the property market, both enquiries and completions in the UK market? Find out at Propway.co.uk
Is COVID-19 Slowing Down Property Sales?
Two of the most significant events to impact the World economy have struck in the last decade. Whilst both were predicted, no one really expected them to happen, and certainly not to have the impact that they have had, especially the Coronavirus.
Economists were predicting the Global Banking Crisis and things were certainly becoming very heated pre- crisis. But the pandemic that is COVID-19 was much faster in its arrival, and its brutal impact on lifestyle and the economy. Sars should have given us more warning, Bill Gates prophesised that a much more virulent and lethal virus would strike, but early news from China was treated as too distant to be of major concern. Yet here we are just a few months later, world economy in tatters and millions infected globally.
So What Impact is Corona Virus Having on Property Sales?
As COVID-19 first really manifested itself in the UK, many were aware of the potential threat but certainly were not aware of the speed with which it would cut through society. With no precedent to act upon, the Government was relatively slow to act, certainly with lockdown, and COVID-19 started to take a hold. A realisation amongst the general public meant that nervousness and fear crept in and, once lockdown was introduced, business as we knew it pretty much ceased. Empty supermarket shelves and sales of all but essential goods dying overnight, most people’s thoughts turned to survival, not moving house.
These people already looking to buy properties and move house continued as best they could, but it was an activity not overly high on most people’s lists.
It is a common understanding that the property industry has a huge drip down effect economically, and for this reason the Government took very positive action to stimulate the market with Stamp Duty incentives. The big question is if it is working the way it was supposed to?
Physical Barriers Created by COVID-19 and House Buying
Needless to say, the physical barriers created by the coronavirus have impeded house sales. The vast majority of property sales enquiries are generated online, so physical estate agency offices have not been impacted unduly in the early stages of enquiries, but becoming COVID safe environments has become more important as many people are still very nervous about going out.
Other fundamental issues that have to be addressed by estate agencies are the photography and video of properties for sale, along with the creation of floorplans and the generation of the EPC’s. Once these digital sales assets have been addressed ,the properties can be offered for sale or rent.
The final stage is to arrange the socially distanced viewing. Allowing people into your own home is considered high risk and has certainly made an impact on the market place. However, it would appear that COVID-19 tests are becoming much more efficient, with the latest version offering a result in just 90 minutes.
So, what’s the message? Corona Virus may well be around for a while and buyers, sellers and agents are starting to find ways to deal with the challenges that the virus poses. People still want to move house and buy properties, and with Government incentives we all hope that the market will soon be back to pre-COVID levels.