Saturday, January 23, 2021

UK Real Estate At This Time Of COVID

 

It's been a year since the outbreak of the Covid virus and now, we're all suffering huge-losses from finances, employment losses, company closures, and even the upheaval of commercial properties around the world. An immense disruption is on its way, according to IBT.


"All of this, of course, was predicated on the continuing need for professionals and other white-collar workers to travel to, and be housed in, large office developments. From the "tele-cottages" of the Eighties to the "WFH" (working from home) culture supposedly taking route in this century, there has been much talk of "goodbye nine to five", but talk has all it has seemed to be, as commuter numbers have soared and the consequent demand for workspace has gone the same way."

 
 Photo by Jessica Bryant from Pexels

Focusing on the British Real Estate world in which is at a crossing point. 

There are two-sides of real state property selling in today's scenario- a dramatically healthy property selling to lost opportunities of losing and moving away possible clients buying properties who do not want to dig into real state persé. Several investors have projected that housing prices might go either way. Due to the need to work from home, we could see a steady rise, and the investment individuals do to their homes during the lockdown. The other belief is that, due to a recession, we could see home prices fall.


Despite the lockout measures currently in place at one particular location in the United Kingdom, it is said that the property markets are open. It is said that real estate agents do in-person viewings and buyers are willing to move in.


How does the new normal work for house viewings?


Estate agents started providing video house viewings during the lockdown, and these will still play a significant role. The new advice from the government says buyers can use virtual listings to select properties and only view homes in person once they consider making an offer seriously. In-person viewing must be subject to social distancing policies. When entering buildings, you must wash or sanitize your hands and avoid touching objects. If social distancing is not feasible, wearing a face mask should be considered by both viewers and agents.


Now, the question is, should you buy or rent based on a video viewing? 


Also, is it possible to get a good mortgage deal at this time of the pandemic?

The number of mortgage deals on the market has halved since the COVID-19 pandemic started, but there are still plenty of good rates out there, particularly if you have a larger deposit. 

Moneyfacts data shows that average rates have been rising in the last four months, but are still below pre-pandemic levels.


12 comments:

  1. This is an hard time for the market and not only this one so it's difficult to to the right choice... Better to wait for the next year, I think. - Paolo

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  2. Where I am also, it seems the market is perfect for buying. Unfortunately, some people are losing a lot due to Covid.

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  3. most businesses this pandemic suffered great loss,,,the only one that thrive should be those who sell P.P.E....

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  4. guess covid19 has caused lots of unfavourable challenges across the globe, at my home country, the same got affected to the property market, some of my friends who property agents became umemployed. cheers, siennylovesdrawing

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  5. I think a video viewing sounds neat, but I think I'd prefer to look at it in person to get a better feeling of how big the house is, how it is laid out, etc.

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  6. I think that these times are difficult for everyone. It's terrible how some people are affected.

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  7. The housing market here in Japan hasn't change as Japan chugs along with life like usually in these times. They are building all over my neighborhood.

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  8. A lot of people is losing their job but if they have this perfect market the start of the comeback. When everyone started going back to work.

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  9. Ok, the market is going throuh a hard time!

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  10. This is tough for the real estate industry but I think there will still be people out there who are willing to buy houses even during this time and it’s good that there are other options for house viewing.

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  11. In my area houses are selling left and right. It might really depend on where you live in the world.

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  12. We don't have issues with selling here, people sell and but a lot. often purely online.

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