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Property market to bounce back once restrictions are lifted

The UK housing market will bounce back once the current coronavirus crisis has passed. 

This is according to Guy Gittins, who is managing director of London estate agent Chestertons. 

He  said: “The bottom line is that people still need to move, still trust property as a solid long-term investment and are not expecting prices to change dramatically as a result of the pandemic.”


Despite the inability to do physical viewings, video viewings have ensured that the sales market in the capital remains relatively active, albeit quieter than usual. 


Chestertons reports that it generated 250 new sales offers and agreed 88 new sales over the first two weeks of lockdown. 

Looking at March as a whole, Chestertons’ properties were viewed online 13% more than March 2019 and its agents are registering over 500 new buyers per week since the lockdown. 

The days immediately following the prime minister’s announcement of the lockdown in mid-March were the quietest, but activity picked up by the end of the week and has been relatively steady since.

Gittins added: “Although normality sometimes feels like a lifetime ago, restrictions will be lifted at some point and once that happens, we are anticipating a bounce as the pent-up demand is released over the months following.”

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Poll: Do you think the property market will bounce back once the existing Covid-19 lockdown is over?


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    An estate agent, well of course he would say that, he could be out of a job and bankrupt in a couple of months most of them operate on a shoe string driving the flash cars on lease, auctions are going to be busy selling off all these re possessed cars and houses.

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    With a projected 14% contraction in the economy this year I think it far more likely that there will be an equal correction in property prices.

    Mark Wilson

    Only a 14% price reduction? If the economy is going to be as bad as they say, akin to the Great Depression, that is a very optimistic outlook.


    I think we will be looking at more than 14%, my guess would be a figure approaching double that

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    Where the market hasn't been turbo charged before, I think 2021 will see losses reversed in both the property and the stock market, but there will be fantastic buying opportunities in both markets in the next six months or so.

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    • 11 April 2020 19:54 PM

    The market will struggle largely due to lenders reducing LTV for mortgage advances.

    Obviously for those cash rich purchasers there will be many desperate sellers as the economic fall-out from CV19 works its way through insolvency and subsequent auctions.

    Unfortunately the effects of the GFC have been hidden.
    CV19 has revealed the parlous state of many zombie businesses.

    These businesses have finally been revealed and many will go out of business.

    A great shame but they are part of the fantasy economy that has been kept going for the past 11 years.

    CV19 will reveal how large parts of the economy are unviable.

    This will result in mass unemployment

    Still one advantage is there will be less pressure on the housing market as immigrants won't be needed with all the millions of unemployed Brits.
    Just Brits will need to accept less wages and harder work with longer hours.
    Not sure Brits are ready for the reality of immigrant jobs.


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