What is ahead for the market?

AS society adjusts to the ‘new normal’, it is perhaps too early to say how various sectors of the economy will be affected by the full impact of the Covid-19 pandemic.

However, many commentators and experts have suggested that the property market, like many other areas, is likely to experience somewhat of a drop-off in the months ahead.

This could be good for consumers, as it means prices are likely to level off and fall as the full brunt of the economic situation becomes clearer.

This could be down to a number of reasons - one being that demand could indeed fall with many people left unemployed and therefore without the requisite finance to consider purchasing a new property.

Similarly, the uncertainty for those still in employment, much like Brexit last year, means that there may be a lack of confidence amongst those considering dipping their toe into the market in 2020.

On the other side of the argument is the fact that the likely decline in house prices could present an ideal opportunity for anyone in the market to get good value for money at this time.

With much talk of the government providing a strong stimulus package to ensure that spending in the economy does not drop too much after the pandemic, it could be the case that people will be able to finance the purchase of a new house or land in the months ahead due to a stronger-than-anticipated economy.

Of course, the way of doing business in the property sector has also changed as a result of the pandemic with house viewings and meetings having changed significantly. However, property companies have been very pragmatic in adjusting to the new situation in order to continue to meet their clients needs.