Following the general election in December, where Boris Johnson won a landslide victory for the conservatives, the property market began to experience a ‘Boris Bounce’. The market was full of optimism and pent up demand following years of uncertainty surrounding Brexit.
Well, now the market has a new monster to face. COVID-19 (Coronavirus) is completely uncharted territory for the entire world; and there are no doubts that it will have a lasting effect on economies around the globe.
That being said, it is the opinion of property experts everywhere that once this wide-spread pandemic has been dealt with, the market will experience a second ‘bounce’ of pent up demand.
An article released by Property Industry Eye on 25 March 2020 stated that HMRC recorded the highest number of completions for February since 2016; and property portal Rightmove’s monthly house price index has shown a solid increase in listings, sales and prices month on month since December.
All this data, paired with current reports of buyers and sellers alike continuing to show a genuine desire to move home, indicates that the UK property market may come out of this historic lock-down even stronger than before.