Amid Covid-19 uncertainty, prime regional markets remain optimistic

Updated: Jul 10, 2020

Savills' latest update of 14 April 2020 echoes other industry experts' housing related news - there will be a continuation of demand once the signs of the Covid-19 dissipate.

Their key findings are that:

  • the emergency cut in base rate, the government economic stimulus and short-term mortgage lender support, should help reduce some of the pandemic’s impact

  • it is inevitable that activity in the market will slow for a period

  • although social distancing and self-isolation have inhibited buying and selling, technology, such as virtual viewing, is helping to keep the market alive

  • during the remainder of 2020, sellers will need to remain pragmatic on pricing as the market becomes more dependent on needs-based and opportunistic buyers

  • activity will return more quickly than historically due to buyers’ concerns over job security and earnings easing

  • perceived security of bricks-and-mortar should help to underpin property values

  • mortgage debt is likely to remain cheaper for longer, while prime property presents relatively good value in a global and historical context (in medium-term)

  • they expect a clearer picture on the long-term impact on buyer during the Autumn

  • expect 5-year prime regional market outlook to remain similar to their November 2019 forecast (at 15.9% but with a different growth distribution)

Read more about Savills latest update here.


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