Further lock-downs to effect Estate Agency Industry?
There is certainly a growing fear that the country could see further lock-down effecting regions throughout. Recently Leicester had a delay in it’s release from lock-down and now fears of Northern parts of England seeing restrictions in place. So, what about the property market?
The main lock-down we all suffered between April and June 2020 effected the country has a whole and the pause of the Estate Agency world and sales of property, though hard hitting to many agencies, has seemed to have passed relatively mildly. Possibly the effect of stamp duty holiday has helped, though it is always a confident bet that the housing market will remain robust and in most cases increase in value over declining.
Even though it has been announced that the property industry will still be able to carry on as normal as possible if lock-downs occur in Northern England, can the housing market manage to keep its feet if there is a continued fear that it may be paused at any moment and become a stop start industry?
The housing market is currently showing positive figures despite on-going difficulties with viewings for consumers and working conditions for industry staff. Many agents are restricting viewings to those who express serious interest and / or are in a position to act (maybe this is a good thing anyway). Holidays of full payments, such as Rightmove, are/have ended and many furloughs are fading.
More good news for agents will be the easing of planning department criteria with many new housing applications to see green lights.
Can the property market really deal with working through covid-19 and lock-downs or will it diversify itself enough, embrace more proptech, and be able to evolve?