People are optimistic about getting through the current UK recession

Despite the low numbers, the economy is slowly beginning to recover.

The UK is currently in the middle of the worst recession of any major economy, as its economic output contracted by 20.4% in the second quarter of 2020. This means that the UK economy has contracted at roughly twice the rate of the US and Germany.

Rishi Sunak, Minister of Finance, said: “I have said before that difficult times are ahead, and today’s figures confirm that difficult times are here.”

“Hundreds of thousands of people have already lost their jobs, and sadly, many more will do so in the coming months.”

Production increased by 8.7% in June.

The UK economy could rebound, as production increased by 8.7% in June. In fact, despite the numbers, real estate professionals seem optimistic.

Jason Rishover, CEO of the developer Heronslea Group, said: “It is disappointing but not unexpected to see this morning that the UK is in recession as many companies have been forced to close.”

“Despite the headlines, the economy is showing some recovery since the June lockdown eased, and everything will pick up eventually.”

“Demand for quality new homes has exploded after the closure, and people are desperate to take advantage of the stamp duty holiday.”

“We don’t think the recession will affect the housing market unless we have another lockdown.”

“For Heronslea it is business as usual, we have several developments in and around Hertfordshire just launched and many inquiries and appointments coming up, especially from London with people interested in moving out of town.”

David Alexander, deputy general manager of the real estate platform on purpose, said: “Once the decision was made to lock up the country, it was inevitable that the economy would go into recession and the GDP numbers would show a huge drop.”

“The key question now is how quickly the economy can recover. Although the quarterly figures are bad, the monthly data shows that the biggest drop occurred in April and that there was already some recovery in June. This could point to a V-shaped recovery.”

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