Last Sunday PM Boris Johnson announced the government’s plans for slowly, carefully moving towards easing lockdown measures. The government’s message for England has changed from “Stay at home, protect the NHS, save lives” to “Stay alert, protect the NHS, save lives”.
This small change reveals that the PM does not want everyone to stay at home anymore. He said that those who could work from home should continue to do so, but those that could not work from home, should go back to work. However, he also called on people to avoid using public transport if possible, to prevent the spread of the virus.
What this means is that not much is changing for some sectors of the economy, for those that can safely work from home. But for example, for construction workers, they were expected to go back to work within 12 hours. This means that the many stalled developments in England should start constructing again, which might help relieve some of the stress on the property market.
Now that developers are able to carry on and finish their developments, new properties will once again become available to the property market after a while, providing more competition, or at the very least, pressure to the already congested, pent-up market. With mortgages slowly coming back up, and digital viewings becoming more common, the property market which has been at a standstill for the past months, might finally start moving again. With so much supply, and potentially little demand, prices are expected to be lower than before the corona crisis, but these are expected to recover after the economy recovers. Making this perhaps the ideal time to invest in property.