Analysis: The Impact of COVID-19 on the UK Property Market

The COVID-19 global pandemic that swept the UK – and the world – earlier this year has evidently had a huge negative impact on people’s lives, as well as heavily impacting many industries and businesses.

One of the areas to have been worst affected, however, may well be the UK property market. 

When the country was put into full lockdown toward the end of March, many businesses had to close and cease operations until further notice.

Effectively, this resulted in the property sector grinding to a halt, which created many difficulties for sellers, buyers, estate agents, and others involved in property transactions.

What Has the Government Done?

As the virus swept the country, we saw the UK Chancellor, Rishi Sunak, bring in a range of measures to protect certain industries as well as safeguard jobs.

This included a cut in VAT for hospitality businesses, the furlough scheme for workers, and various other financial packages that cost the country billions of pounds. According to the Institute for Government, the Chancellor’s July ‘Plan for Jobs’ alone adds up to £30 billion.

However, when it came to the housing sector, the government has done little to help buyers and sellers.

There was a delay on evictions for those who found themselves falling behind on rent or mortgage payments because of their financial situation.

By Jason Taylor, please read the full article at Property Road.

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