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Coronavirus Update: UK inflation rate tumbles, mortgage crisis and uncertainty in reopening of schools

20/05/2020 Coronavirus Daily Update

UK inflation tumbles to lowest rate since 2016

A drop in energy prices and discounts offered by shops desperate to offload inventory during the lockdown have resulted in UK’s inflation rate dropping to its lowest level since August 2016. The consumer price index (CPI) plummeted to 0.8% year-on-year in April. The inflation rate dropped from 1.5% in March according to a report by the Office of National Statistics (ONS). Demand for everything except for food has dropped during the lockdown. Jonathan Athow, deputy national statistician for economic statistics at the ONS, said: “While the coronavirus limited the availability of some goods and services, its effect on prices was more muted.”

“Games, toys and hobbies saw rising prices, perhaps as people occupied their time at home.

“Food prices grew no more quickly than other goods and services, though fresh vegetables did see stronger rises.”

Minister admits uncertainty in reopening schools in June

As part of Prime Minister Boris Johnson’s conditional plan to kickstart the economy, primary schools were set to reopen on June 1st. Cabinet Minister Robert Buckland has admitted in an interview that reopening English schools next month is still up in the air. There has been growing discontent by local councils and teachers for opening schools too early.

What does it mean for you?

With unemployment claims skyrocketing and potentially further redundancies in August, it is difficult to say how the UK economy would be in the coming months. Economic uncertainty has prompted the Bank of England to consider the possibility of negative interest rates to entice borrowing and spending. Taking this into account, it may be better for those considering selling their properties immediately and to cash-buyers only to ensure that transactions are not reliant on mortgages.

Why use Auction Agent?

Auction Agent ensures that all exchanges are completed within 28 days from the fall of the hammer by adopting the traditional auction method. There is no worry for both the buyer and seller that a deal will fall through.

Properties are advertised through an array of marketing channels. When it comes to online marketing, Auction Agent uses leading online property portals (Rightmove, Zoopla, and PrimeLocation) and social media platforms (Facebook, Twitter, and LinkedIn).

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. We offer complete services for buyers, sellers and even probate property owners. Furthermore, Auction Agent adopts a no-sale-no-fee strategy for those who choose to auction their properties through us.

Take your first step to a stress-free property sale today by contacting us for a free property valuation. Be sure to sign up for our newsletter for the most up-to-date properties available from our property auction portfolio.

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