Savills: COVID-19 will affect all aspects of UK housing market
Savills predict the coronavirus pandemic to affect all areas of the UK housing market according to their latest data.
The research by Lawrence Bowles and Lucian Cook at Savills, details that general uncertainty will weigh on consumer sentiment.
They also predict to see restrictions on people’s ability to go about their day-to-day business to impede normal estate agency, mortgage and conveyancing processes.
Looking to the stock market, Savills anticipates stocks to fall and therefore people to feel less secure about their personal financial situation.
In addition, the estate agency believes the coronavirus pandemic will have a negative impact on earnings, employment and wealth of a generation.
The government has provided support for the economy and businesses, including liquidity injections, grants and low-cost loans.
As a result, Savills believes this should help to reduce some of pandemic’s impact, as well as aiding in enabling a swift economic recovery and limit the number of households forced to sell.