The real estate market recovers after the Coronavirus crisis

Since the confinement measures were implemented in the UK in March 2020, more than 450,000 people have been unable to advance their plans to move to a new home.

Even though real estate agents looked for alternatives to keep the business going, the quarantine and social distancing seriously affected the real estate market, the rental market, and the construction industry.

Many people lost their jobs, and although the UK government launched several schemes to help lessen the impact on the quality of life, hundreds of thousands of people saw their lifestyle change dramatically.

“The future of the market is promising.”

Despite all the damage caused by the COVID-19 pandemic, people are becoming more optimistic about the near future.

Oliver Browning, operations manager for Boulevard Homes gave important statements on this matter: “At the beginning of the pandemic, the outlook was very discouraging; there were millions of losses, many people lost their jobs, some companies had to close or stop their operations indefinitely. Everything was very severely impacted.”

“But the government acted very quickly, thanks to the different schemes and aid to people who could not pay the rent, or those who would be fired by the coronavirus, the damage was mitigated.”

“This does not mean that things will not be difficult from now on, there is still a lot of work to be done, but at least a major catastrophe was avoided. It will be up to all of us to work to revive the UK economy, and it is also important that the government extend their schemes a little more. People will still need it in the following months.”

UK government was able to avoid further damage to the property market.

Experts estimate that the damage caused to economic markets around the world reaches billions; also to a great loss of skilled labor, and even causing the contraction of some economies in developing countries.

The United Kingdom has been one of the countries that have best known how to deal with the Coronavirus crisis. The government has been progressively launching economic measures to minimize the impact that COVID-19 has had on the UK economy.

The Small Business Bouncing Back Loans Scheme joins the Coronavirus Job Retention Scheme and rental payment holidays, measures that seek to help the population endure this harsh crisis.

HICH LTD continues to work to offer the best property survey service, before, during, and after the pandemic; we have redoubled our efforts to maintain the quality standard that has made us a leading property survey company.