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Savills have today published its view on the UK housing market and Covid 19.
A significant slowdown (and some would argue pause) in the UK housing market is inevitable.
The BBC have also reported today that the government has urged people not to move house to try to limit the spread of coronavirus across the UK. This coupled with the closing of many of the UK's housing development sites will further slow the market over the coming weeks.
It is however predicted that due to the various Government interventions the long term impact of pandemic will, hopefully, be limited.
In general, we can expect the pandemic to affect the housing market in a number of ways: General uncertainty will weigh on consumer sentiment; Restrictions on people’s ability to go about their day-to-day business will impede normal estate agency, mortgage and conveyancing processes; Stock market falls will make people feel less secure about their personal financial situation; and A negative impact on earnings, employment and wealth generation.
https://www.savills.co.uk/research_articles/229130/298265-0?utm_term=5258097&utm_content=7717627
