The coronavirus pandemic has upended markets around the world. At this point, there are very few industries that have not been disrupted to some extent by the pandemic. There may be some specific sectors of the economy that have been broadly unaffected by the pandemic, at least in terms of their revenue, and even some very specific pockets of the economy where businesses are making even more money than usual. However, the general trend has been that businesses are continuing to adapt as best they can to unprecedented circumstances.
But how has the property market in the UK been affected, and what can we expect it to fully reopen? Here’s what you need to know about buying and selling property in the UK during the coronavirus pandemic.
Estate agents are still able to sell properties, technically at least. But in practice, no one is really looking to buy and sell their property right now, whether for investment purposes or because they want to move house. The good news is that there is a widespread expectation that this situation will change in the coming months. Normalcy may be some time away still, but it seems likely that the market will recover to some extent by then.
Can I Still Buy And Sell Property?
The nature of the global lockdowns and quarantines that are currently in place has meant that the property market has all but ground to a halt. Most countries, including the UK, have stopped short of banning property transactions and have said that any transactions currently underway can be resolved as normal. Of course, in line with the general travel and other restrictions that are currently in place, official advice is that people who are moving into a vacant property can proceed as normal. However, in cases where the new property is currently occupied, the government is urging people to try and agree a completion date when the current crisis has passed.
With these caveats in mind, it is still possible to invest in property right now, although it may be better to wait until there is more certainty surrounding the long-term prospects of any property investment.
Opportunities On The Horizon
With every crisis, there comes opportunity, and COVID-19 is no different. With the market being slowed to an effective standstill there is a kind of pressure building. When restrictions do lift, all of those people who are currently holding off the buying or selling of property will be ready to proceed with their transactions all at once. That sudden release of pressure could have unforeseen consequences for the market, but it is likely to lead to a deluge of available properties for investors to choose from.
There will be a range of people looking to sell a house fast once COVID-19 is over, perhaps to relieve cash flow problems, and businesses like Quick Sale Property Experts will be on hand to help them. Crucially, businesses like Quick Sale Property Experts can move a lot faster than normal, enabling property owners who have had to hang on to their property because of COVID-19 to offload it as fast as they can.
It is always prudent to plan ahead when it comes to property investments. While the market is at an effective standstill, now is a great opportunity to plan for the future and consider your next move.