Return of Covid Restrictions could Spell Disaster for Housing Market says Industry Expert
The return of Covid restrictions could be a disaster to the housing market if those restrictions prevent free movement and stop people viewing properties, says housing market professional. Previous lockdowns and restrictions effectively stopped the housing market in its tracks, and support like the Stamp Duty Holiday helped the industry get back on its feet.
Robert Burdett, MD at James Leigh Property Management said, "The housing market is a key economic driver, and with the uncertainty of rising Covid cases across the UK it's critical that the housing market can continue to operate." Mr Burdett continued, "Whilst we must keep people safe and prevent the spread of Covid, the market needs certainty to retain confidence in vendors and their buyers. So if measures are to be introduced, we must know what they are, when they are to be introduced, and they must allow the market to continue to function properly."
It is critical that Government works with the industry, and doesn't simply impose rules at the last minute. Measures could include:
Re-introduction of face masks for property viewings
Limit viewings per day to allow cleaning between visits
Limit number of people for any one viewing to two
Provide a negative lateral flow test before viewing
Robert Burdett said, "During successive lockdowns, virtual tours were used to great effect, so using these for initial enquiries could reduce the number of actual visits and act as a filter. But it is critical to the continued success of the housing market that measures do not prevent or put off people from buying and selling homes.
The housing market has fared remarkably well during the Covid pandemic, but the wrong measures could slow or reverse growth. As a key economic driver, its performance can impact the wider economy dramatically, especially construction and associated sectors.
Robert Burdett said, "As the UK moves into Winter the Government must come up with a plan to control the spread of Covid and maintain activity in the economy, rather than react late and create uncertainty in the marketplace."