According to the latest Nationwide House Price Index, house prices decreased 1.7% in May over the previous month, the largest monthly fall since February 2009 following the 2007-08 Financial Crisis. But look at the bigger picture and the signs of an upturn seem even more evident.
A recent survey found that two-thirds of estate agents want to go self-employed or work from home. But as a historically brick and mortal industry, how does this shift in industry sentiment reflect upon the future for property agents and consumers?
The impact of COVID-19 on the housing market as a whole, and on the buying power of first-time buyers specifically, cannot be understated, but I believe there are some firm solutions that could provide them with a vital leg up.
How might buyer and seller priorities change post-COVID? It’s an interesting question with potentially widespread implications for the housing market as many homeowners and prospective buyers start to revaluate both what they want, and what they need, from their living arrangements.
The government has today announced their plans for restarting the housing market effective immediately, amending coronavirus regulations and issuing new guidance confirming that private residential buyers and renters in England are now able to take part in viewings and move home.
Speculation on whether the property industry would be among the first to benefit from a relaxation of the lockdown increased this week with the reveal that the housing minister had been speaking with the sales industry about property viewings.