Coronavirus Update: Property Market Collapsed in April but UK Economy Show Signs of Recovery
21/05/2020 Coronavirus Daily Update
UK property sales plummets in April
According to provisional figures published by the HM Revenue and Customs (HMRC), there were only 38,060 transactions in April. Transactions have fallen by more than half compared to the same month the year before. April residential property sales have hit the lowest monthly level since comparable records began in 2005. Non-residential property transactions have also plummeted by 45.2% year-on-year and fallen by 22% on a monthly basis. Spring has traditionally been an incredibly busy season for property investors – the lockdown has affected consumer behaviour tremendously as evidenced by the newly published figures. The figure is just slightly lower than the previous low recorded in January 2009, which was at the height of the then financial crisis. The Telegraph reports that the figures may further plummet in the coming months. It usually takes a few months to complete a property transaction and it is believed that the transactions shown in April may have been just those which have started before the crisis hit the UK. Aviva Plc forecasted that residential property prices could drop by 12% and commercial property prices to drop by 15% due to the pandemic.
Signs of economic recovery shown by PMI survey
In the latest report published for UK’s IHS Markit/Cips purchasing manager’s index, figures suggest that manufacturing and services output remain at levels far below figures produced for the same period in previous years. It does, however, still indicate that the economy is recovering from the month before. Many participants of the survey have raised concerns that demand would take a long period of time to pre-crisis levels.
What does it mean for you?
If you have been pondering to dispose your property assets, it may be better to consider selling them now. There are many uncertainties for the future, as seen from the wide range of opinions by industry experts. What is certain is that the UK property prices have not collapsed, yet.
How can we help?
Auction Agent has got your back when it comes to auctioning a property. Auction Agent property auction house will provide you assurance even in times of economic uncertainty. Our exchanges are guaranteed to complete within 28 days from the fall of the hammer. Our traditional auction method will ensure that your property would be sold quickly and without the worry of buyers dropping out. Our buyers rarely rely on mortgages to complete a purchase – this is especially important when mortgage offers are being pulled or altered by major borrowers due to the pandemic.
Auction Agent property auctioneers provide a complete package for our clients – we use an array of marketing techniques to ensure that your property is known by suitable and serious buyers. Our online marketing campaign involves using a range of online property portals (Rightmove, Zoopla, and PrimeLocation) and social media platforms (Facebook and Twitter).
With over 50 years of combined experience, Auction Agent property auction house is ready to answer any of your questions regarding buying, selling, or just regarding property auctions in general. Auction Agent house auctioneers offer complete services for buyers, sellers and even probate property owners. Furthermore, Auction Agent property auction house gives all sellers a peace of mind with our no-sale-no-fee approach.
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