The year of 2020 promised so much on the real estate front with strong signs from the early stages of the year that growth was going to be the focus of the year with strong buyer interest, record low-interest rates, and a consistent and strong economy. The impact of COVID 19 has been unprecedented, totally unexpected and catastrophic. The impact on the world stage has been the same.
The impact of lockdowns and heavy restrictions and the uncertainty of when these will occur have been a major factor in many people’s thinking. We have experienced periods of frantic activity when buyers have tried to take advantage of periods of freedom and view properties, bid online and secure their dream homes while they are out of lockdown. Vendors have been unsure in many cases and this has caused a lack of stock coming to the market and serious stock shortages. This, in turn, has created many multiple offer situations and competitive auctions to secure the few properties available. So far we have not seen any substantial price reductions.
The newest range of restrictions will create both uncertainties but also opportunity. We expect the latter part of the year to be frantic as government grants, restrictions, and COVID rules around property management change yet again. The lockdown during August and early September will provide a pause on the market but we expect activity to be strong once it’s completed.
As we have experienced in 2020 there are so many questions and none of us has all the answers but we guarantee the hard work and focus on high levels of customer service will remain paramount to our teams.