How COVID-19 has impacted the real estate market in UK.

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With a rise in Health emergency globally due to Covid 19 pandemic, everyone’s day to day activities have been affected and continues to affect other sectors of the economy even the real estate sector which experienced a challenging 2019 and 2020 ,it literally dropped in demand ,movement restrictions and global supply chain disruptions affected it drastically. Not only construction sector but different sectors of the economy even the commercial real estate market was affected too.

Renewed prioritization of infrastructure projects  particularly in housing and hospitality is gradually  driving the recovery of economic activities as the world bounces back from the Covid-19 crisis. One segment poised for growth is affordable housing.

Covid 19 pandemic defied almost every economic prediction from the beginning up to 2020.By March 2020 ,businesses emptied out swiftly as a result of global order on lock down and restrictions.

By early 2022,the economy along with real estate sector began to bounce back. Output’s already above pre-Covid -19 levels and jobs recovered to previous levels.

Many investors feel the real estate sector will still be lucrative as it was before the pandemic. But a lot may have changed forever. Many buildings are wearing off, realtors are now looking for ways to redesign them coupled with the economic huddles that slowed commercial  during the pandemic. Labor and product shortages also brought fears of inflation, a major economic risk.

What to expect now?

Covid-19 now has a major say in all global activities. Even with the lifting of all restrictions in UK, the prevalence and spread of harmful variants took hold and Covi-19 infections spiked .This made many employers to delay their return to offices.

By March 18,all restrictions were removed ,people were allowed to move around without face mask and no one was required to carry out compulsory Covid 19 test before traveling.

There was an initial swirl of property buyers who arrived  London in the final months of last year after travel rules were relaxed, benefitting from prime new build developments in particular, meanwhile  there is still a lot to weigh up as Covid-19 disappears into the rear-view mirror.

The journey so far in UK….

BBC report on Housing market suggests interest in flats is overtaking demand for terraced homes with the return to office work.(Read more on that here HERE)

Real estate is a major part of the UK’s economy, and the industry has bounced back with an increase in demand. However, when it comes to selecting your next property  the first thing to consider is location and type of house is it a flat or a terrace home?  First browse through UK’s leading specialists in Property for overseas buyers, UK expats and Buy-to-Let Investors, ”Find Uk Properties”  the site will give you an insight into how the UK property market stands at the moment. Then you will also need to have an idea of your loan here at  https://www.mortgagecalculator.uk/ .You will need to check to know the current price of houses as well as mortgage .
 Mortgage Calculator also helps you to know your rent and let fee and how to calculate your income and how much you intend to spend on accommodation in the UK.