COVID-19 outbreak in Britain presented unique challenges to the housing market. Both buyers and sellers, renters and letters are told every day to stay home and delay moving. Prospective buyers and estate agents are facing difficulties to arrange viewings. Surveyors are not always capable of visiting homes to perform their contractual obligations.
But it is not all that bad. Rightmove and Zoopla, the two largest UK real estate market platforms, entered the price war and are offering record low cost of market entry for advertisers. Zoopla even offered agents nine months free if they drop ads on Rightmove. Airbnb hosts are turning from short to the long term rentals, which may lead to lower rents in certain spots of England.
The government already made things more difficult for the property market with stamp duty changes and pumping demand, that lead to higher house prices. Now Boris Johnson’s government takes measures to help the business by offering breaks in property taxes and paying employee wages for those put on unplanned leave.
The current demand for British homes is not going to become any lower. The March report of the independent research group to the House of Commons revealed that currently there is severe under-supply of housing in the UK. The number of new households in England projected to grow by 159,000 per year, based on current trends. But the demand is estimated in 340,000 new homes per year. The government’s target is to supply 300,000 new homes per year by the mid-2020s.
At the moment, access to deals becomes more problematic for many buyers. ORACLE CAPITAL GROUP offers help in residential and commercial property acquisition in the UK for local and foreign clients. Our company can get your deal closed even under the current circumstances.