The Impact of Lockdown on the UK Property Market
The UK has experienced a testing year in 2020. With the Covid-19 pandemic and the resulting national lockdown, the UK property market and economy have been clouded by a lot of uncertainty, with people questioning the effect that the pandemic would have on their investment and wondering “is now a good time to invest?”. However, as always, the property market has proved how resilient it can be, with market activity and property prices making a quick recovery.
Fast forward to November, and with the UK entering a second national lockdown, many people are wondering whether the new restrictions will affect their property investment. To help answer any questions you might have, we’ve put together a quick and helpful guide on what these new lockdown restrictions might mean for property investment in the UK.
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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.
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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.
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Can I Still Attend Property Viewings in Liverpool and Manchester?
In order to keep our staff and investors as safe as possible, we’re once again offering virtual viewings of our properties. With 360 tours of developments using computer-generated imagery and virtual reality, investors can get a feel for a property from the comfort of their own home. If you’re interested in taking a virtual tour of one of our current developments, get in touch and one of our sales consultants will be happy to assist you.
Can I still Attend Meetings During Lockdown?
It is advised that all meetings remain virtual during the four-week national lockdown. We’re offering virtual meetings with our sales consultants via video call or phone call, utilising screenshare technology to help inform investors as much as possible. Screenshare can also be used to guide investors through the surrounding area of a development using Google Street View.
This allows investors to gain a better understanding of the area they’re investing in and take a look at any nearby attractions that could benefit their investment. A prime example would be our Parliament Square investment opportunity which is located within the trendy Baltic Triangle district, filled with some fantastic bars, restaurants, and office spaces which make the area popular with young professional tenants.
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