Nov
Does Coronavirus have any impact on property markets
In the UK, the house price index for May showed that prices fell 1.7% from the previous month, the largest decline for 11 years.
The UK government decided to put much of the economy on hold. This was at the same time as putting in place a host of measures to support households and businesses, such as the worker furloughing scheme.
The hope, therefore, is that as lockdown restrictions continue to be lifted, economies and housing markets will rebound.
Due to Covid, Many companies preferring their employees to work from home and avoid the commute due to which this have a good influence on the property market.
Rightmove, the UK property website, has reported a significant rise in the number of people searching for homes further from town and city centres, with larger gardens and space for a home office. This may not be a permanent change, but coronavirus is certainly making many people think about how and where they work and live.
A new trend/change is that many businesses have moved online so retail businesses are closing down as they can not afford to pay the rent or keep up the bills but this trend had already affected the property market before corona pandemic.
Due to people working from home, they need a space to work from home, which helped increased the number of people looking for property with office/extra space within the property. This trend working from home may increase in future and could help boost property sale in the future.
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