As you can imagine COVID-19 is having a devastating effect on the property market. Due to this virus, people are putting off all sorts of decisions. This includes the decision to buy or sell property. Not only that, with so many people being financially affected, property sales are at an all-time low.
COVID-19 has dealt a devastating blow to the property market
There are several ways that COVID-19 is making life hard for those in the property business.
1. No one is buying property.
Thousands of people in London have either lost their jobs or are working reduced hours. There is major uncertainty about the future and what is going to happen. Due to coronavirus, we have seen a severe slump in the property industry. People are unwilling to buy or sell property right now. Most are waiting to see what happens, but there seems to be no end in sight. There are also other factors. For example, most buyers do not want to deal with moving at this point in time.
2. No one is viewing property.
No one wants to view property because of the risk of infection. Londoners are not willing to put themselves in danger of catching the virus. This is making it almost impossible to sell property. After all, if you cannot show someone the property it is unlikely they will buy it. There’s also the fact that lockdowns are making it impossible for people to move around.
3. There is increased wear and tear on property.
Because properties are standing open for longer there is increased wear and tear. Whether this is gardens becoming overgrown or the property falling into disrepair. Pest control is also becoming a serious issue during the COVID-19 crises. We have noticed a massive increase in properties which are now infested with rats, birds, cockroaches and other pests. The experts at London based company Best Pest Control note in their blog that pest prevention in lockdown has taken on a significant importance. These pests are causing immense damage to properties while they are closed. This must ultimately be repaired and costs money, making .
4. Commercial real estate is being affected.
COVID-19 is also affecting the commercial real estate business. All sectors are seeing a decline, including office and retail space, and also industrial properties. Hundreds of businesses are struggling to make money and are shutting down. In addition to this, with the economy in shambles, no one is opening up new businesses. This is causing a massive headache for people who work in commercial real estate.