The global pandemic has affected every area of our lives. Covid-19 has caused a huge change in small things, like the way we buy our food and big things, like the economy. Throughout this pandemic, economists have been making predictions about the way the property market would respond in the wake of Covid-19. Now we’re in a position to see more clearly how accurate those predictions were and dissect how the property market is currently performing.
Seasoned investor, Rex Ekaireb commented: “The UK economy is slowly but surely recovering and getting back to some form of normality which is of course great news. It will take some time to get things back to where we all want them to be, but the initial signs are very positive indeed.”
Rex Ekaireb, continued: “Lockdown had a large and negative effect on the property sector in the UK, which was for all intents and purposes put on hold. The amount of lost revenue for businesses, private individuals and the Exchequer has been huge. Getting back to normal and back onto the path to recovery is crucial for the entire UK economy as well as the property sector.”
In May and June of this year, the housing market saw a serious down-turn as lockdown got underway. In June, the average house price fell by 1.4%, which was the biggest monthly drop since the financial crisis of 2009.
