Well we, and other property experts such as Iain McKenzie (Chief News executive of the Guild of Property Professionals) and Tim Hyatt (Head of residential, Knight Frank), are certain of a swift bounce back in our sector.
Business is still flourishing for us at JTM, despite obvious social distancing restrictions. We had a record amount of new applicants in May, for instance on Monday 25th May we recieved 54 new lettings enquires and secured 14 lets in May alone, and a further 11 in June. This positive data is mirrored across the housing market as a whole; Rightmove statistics, covering 95% of the market, indicate far more resilience than they had expected, with a strong initial bounce back in all metrics. Rightmove also declared that browsing has turned into action with the number of home movers emailing and calling agents in England hitting a record on 8th June, up 40% on the level recorded in early March. Overall, as a team, our initial few months back in the office has been very promising and project a positive year ahead.
The Property Market on the whole, seems to mirror our small-scale successes and as a sector is deifying all odds. Andrew Bailey (Governor of the Bank of England) recently announced that ‘the recovery [is expected] to be faster than when the UK came out of the financial crisis a decade ago’ (7th May 2020). This positive forecast for the housing market also mimics that in China; Iain McKenzie stated that ‘data from China shows that although transactions ground to a halt during the early stages of the outbreak, the property market is now gaining traction and transactions are increasing (3rd April 2020).
The social impacts of the outbreak on our nation have been obviously catastrophic with currently 43,995 deaths and many more confirmed cases. Whilst during the outbreak, there was a countrywide economic trough as we went into a national lockdown; alothough it wasn’t all negative as the outbreak forced outdated processes in the housing sector to modernise. Tim Hyatt made a very justified point; ‘historically, be it a social, economic or a health crisis immediately thereafter arises a sense of opportunity, so why not use this time as a positive catalyst for change? Businesses up and down the country have been forced to consider how they can adapt to become more digital. Nowhere is this more apparent than in the process of buying, selling and letting the homes in which we live’ (30th April 2020). As a business, we have been forced to re-evaluate our online presence off of the back of this outbreak, with virtual property tours now available for the majority of our stock and we have modernised all of our social media platforms. In agreeance with Tim, we have used this pandemic as a positive catalyst for change and have noticed this shift in the property sector as a whole.
A lesson to be learnt for all; at the offset of the pandemic, the UK economy and its housing market were suffering but it has taught us and made us all wiser and now we can see its recovery. If you are looking for a reliable, honest and loyal agency, look no further; you can contact us by email email@example.com or call us on 020 7272 1090 and a member of our friendly team will be more than happy to help.