Grampa Posted June 13, 2020 Report Share Posted June 13, 2020 Well, we have re-opened our offices with social distancing precautions and the market is very very active both for lettings and sales so cant complain. However, the common view in the industry is the knock on effect of the lock-down, impact on businesses failing and anticipated redundancies is chasing our tails and will hit the property world in Sept/Oct which is about a month before the industry traditionally starts slowing down for Xmas. Being an optimistic person I disagree and dont think there will be a huge impact then, maybe just a little drop. Thoughts Quote Link to comment Share on other sites More sharing options...
Richlist Posted June 13, 2020 Report Share Posted June 13, 2020 I'm hoping you are right. It's inevitable that there will be a dip in the property market in Sept/Oct/Nov as usual with the lead up to Xmas. The economic situation will also have a negative effect as there is going to be massive unemployment. So I can't see how that won't affect the property market. Whats far more important is wether it will pick up in the spring of 2021 as it would normally. It's easy to dwell on the negatives but the overriding positive is interest rates. Whilst savers are getting paid diddly squat from banks it makes property more and more attractive. It never ceases to amaze me that lettings agents don't use this to their advantage as a marketing tool. For example........'Got some spare cash ?.......get 0.4% interest from Halifax/ Bank of Scotland OR buy a property & get 8% yield .....Its your call !' You can adjust the message/ figures to suit. There are still lots of people out there with spare money to invest. I was planning to put a property up for sale in March this year. Given the CV19 situation we quickly decided not to sell. Fortunately the tenants wanted to stay, so they have, continuing to pay the full rent. But come early next year, as they know, we will be putting that property on the market. What we need for 2021 is a buoyant property market, lots of would be buyers (investors) and no significant drop in sale prices so we are keeping our fingers crossed. We are not desperate to sell it, there is no real rush but we like to get on with plans. Quote Link to comment Share on other sites More sharing options...
Grampa Posted June 13, 2020 Author Report Share Posted June 13, 2020 I like your thinking RL regarding your marketing tool suggestion . Unfortunately most the properties we sell dont generate great rental returns thats why my own personal rental purchases are a little out of my business area. Quote Link to comment Share on other sites More sharing options...
Melboy Posted June 14, 2020 Report Share Posted June 14, 2020 My Daughter has also said that demand in her office(s) is quite unprecedented at the moment but also a lot of properties are coming onto the market which is well above the season normal. Interest rates for mortgages of course have dropped substantially which does help buyers. Some landlords are selling up but as reported a lot of landlords are sticking due to the fact a pile of cash in the bank is not making any money for them. I would buy again if something tasty was to come my way. I also think October is going to be the testing time as unemployment figures will no doubt rocket once this furlough business comes to an end. Quote Link to comment Share on other sites More sharing options...
Mortitia Posted June 15, 2020 Report Share Posted June 15, 2020 I'll guess there are plenty wanting to move out of towns but they have to sell first then get loans arranged. I'm finding these 2 items are sticking points. Quote Link to comment Share on other sites More sharing options...
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