Residential People: Coronavirus could cause most significant global financial disaster since 2008
Dark days are ahead, but there remains light at the end of the tunnel according to property portal Residential People.
The firm outlined that the coronavirus is set to cause the most significant global financial disaster since 2008.
It added that the property market is also on the brink of a crisis, unless it embraces change.
Due to the government’s guidelines on self-isolation, the property portal believes that many bricks and mortar high street agents could suffer significant losses.
In order to avoid increased losses, Residential People believes that agents should embrace technology.
It outlines video conferencing and virtual tours in order to give interested parties a more detailed look at a home as opposed to static imagery, as an alternative approach.
Lucy Pendleton, co-founder and director of James Pendleton said that the impact of the virus has already begun to have very real implications for the property market.
She added: “Coronavirus impacted our business for the first time a few days ago, stealing away a sale that was just days from exchanging.”
Christopher May, co-founder and director of Residential People, said: “The property sector has faced big crisis’ in the past and bounced back, so I see no reason why the market shouldn’t do the same this time around.”
“Despite the vast decrease in approved mortgages, collapsing banks as well as depreciating house prices following the market crash; the property sector successfully managed to bounce back to good health.
“Residential People strongly believes that the industry has the ability to not only make it through the dark days that lie ahead, but to expand to new heights, just as long as the sector is ready to embrace change.
“In these troubling times, estate agents are being bled dry. Portals are not operating with compassion and understanding that many agents will struggle to remain trading if proposed lockdowns are in place throughout the UK.”