What Does the Second Lockdown Mean For the UK Property Market?
At the beginning of the UK-wide lockdown back in March, there was a lot of uncertainty over what would happen to the UK property market. Thankfully, the property market wasn’t affected as badly as many had predicted it would be. By June, levels of property sales in the UK had recovered to pre-lockdown levels, and by August, average property prices had increased by 2.5%.
With this in mind, it’s hopeful that the new restrictions will follow a similar pattern as the first UK lockdown in terms of any effect on the property market. The property market is very much still open, and with universities remaining open during the second UK lockdown, there is still a lot of demand for student accommodation.
Property experts are also expecting some positive housing market growth moving forward. In the North West specifically, which had been hit by Tier-3 restrictions prior to the nationwide lockdown, Savills predicts the highest rate of future house price growth. Updated predictions show that property prices in the North West are set to rise by 27.3% by 2024, which highlights the overall strength of the region.
How Will the Second Lockdown Affect Property Investment?
The property investment market has now adapted to ‘the new normal’, following the first UK-wide lockdown restrictions. By utilising technology for virtual tours and meetings, we at RWinvest were able to continue helping investors secure lucrative UK investments. It is for this reason that we are confident that property investment can carry on thriving despite new restrictions.
Investors can continue to purchase buy to let property virtually, with VR tours and remote meetings and calls with our sales consultants. Construction sites are also permitted to stay open, which means that investors don’t have to worry about huge construction delays. With some fantastic opportunities currently available, such as our new Merchant’s Wharf Manchester property which comes with up to 55% below market prices, now is a great time to invest in the North West market.
Despite the UK lockdowns, property investment UK is still thriving. House prices have increased at sizeable levels, increasing capital growth tenfold. There are now several cities widely considered some of the best places to invest in property. If you want to learn more about how the market is performing, be sure to check out our news page for the latest insight and analysis.
