The hot topic for the whole of the UK is Coronavirus, what will Covid 19 mean for property investors? We look at what the government has said so far, what this means for running your property business, and how property investors should prepare themselves for the coming months of uncertainty. Away from Coronavirus, there were some strong figures for rents and house prices reported to the end of February – we look at what’s happening with these two key measures of the health of the housing market in the UK. Budget announcements from the government featured a host of measures to deal with disruption due to the Coronavirus, however, there were also some important items to pick up on that affect people in the property industry.
House price figures released for February shows the property market across the country is growing, we look at what’s driving growth, where it’s focused and some of the key underlying measures that indicate how healthy the market is overall. What effect will measures to slow down the spread of Covid 19 have on activity, at this stage it’s too early to tell, but figures on the housing market to the end of last month give us a good baseline to be able to judge any impact in the coming months.
Rental market figures release to the end of February show that overall the increase in rents is continuing across the country. The most recent figures show more volatility between the regions, after a period at the end of 2019 when pretty much every part of the country was showing above long term average rental increases. We look at which regions had strong growth and which went backwards, and also at what’s driving rental demand currently. Right now we’re looking back, what effect with Coronavirus containment measures have on the rental market? It’s really too early to say, but we do know that people will still need places to live and understanding where the market is right now will give us a starting point to judge any future impacts.
A recently elected government, and a chancellor new to the job, even without Coronavirus worries, the budget was going to be closely watched to see where the government is taking the UK. We look at budget items appropriate to those running business and involved in property. Aside from some big news on measures to support businesses and individuals during the testing times due to coronavirus, there were some announcements that will impact the property industry that we highlight to help you plan how you build your portfolio over the coming months and years.
There’s an understandable nervousness for many in the property industry around government announcements in relation to suspension of all tenant evictions for a three month period. Also announced at the same time, government plans to make sure lenders offer the same support to buy to let mortgage holders as to those holding mortgages for properties they live in. We discuss what this means for property investors.
Coronavirus will undoubtedly have a huge impact on every area of society. We look at how the business of renting properties can continue and cope with measures enforced by the government and what the industry reaction has been to date. There are practical things landlords should be thinking about and the Lettings Agents who are managing on their behalf need to put in place.
With self isolation and social distancing measures being announced by the government, how do landlords and lettings agents continue their business in these difficult times created by the Coronavirus outbreak in the UK. Much has been made of government announcements around payment holidays, suspending evictions, but we consider the practical – keeping tenants safe at this difficult time, how to deal with repairs and maintenance and check ins and check outs.
There has been a huge amount of information put out by the government related to support for businesses and individuals at this difficult time for the country dealing with the Coronavirus. We’re expecting a lot more detail in the coming fortnight with exactly how this works, for the moment we consider the measures announced by the government and how property investors and businesses may make use of them.
The government has pulled some big levers to support the country dealing with the Coronavirus pandemic, and the Bank of England has also brought out its big guns. Two interest rate cuts within a week, and measures announced to ensure liquidity within the country – will it be enough to stave off the worst economic effects of business disruption from Covid 19?
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