Although by no means the worst hit sector in the UK during the coronavirus pandemic, the UK property sector has taken a sizeable knock, which it is only in truth starting to recover from. Property sales practically dried up and many people who were close to completion when it came to property purchases, either pulled out of the process or delayed their purchase. It is in part, due to this that the Chancellor of the Exchequer, Rishi Sunak announced the freeze for Stamp Duty Land Tax (SDLT) to reinvigorate the market.
Property investor and entrepreneur Rex Ekaireb said of the property market: “With so many purchases, sales and investments in the UK put on hold or called off, it is going to take some time for things to even get close to returning to ‘normal’ as the pandemic hopefully abates…” Ekaireb continued: “We are living in unprecedented times and the moves made by the Chancellor should help to kickstart property sales and purchases which should be applauded.”
In terms of the rental market too, things have been tumultuous with many tenants unable to pay their rent and their bills due to the effects of the coronavirus pandemic. Although many people in the UK were placed on furlough under the government’s Job Retention Scheme, there have been large numbers of tenants who have been left unemployed or otherwise unable to pay their rent.
