- 27 Oct 2020
- Reading time
- 7 minutes
The real estate market has not remained unaffected by a coronavirus, but, on the contrary, is already feeling the pandemic fever and it seems that, according to specialists, it will recover harder than the economy. Should we wait to buy a house in Uk? Is this a good time to sell our home? How can you improve your personal finances? We will get better deals at mortgages next year due to the prices being lower? What is the role of online reviews in all this? We are going to find all these answers in this article. Let’s start!
About Real Estate and Coronavirus
The real estate market has been affected by the health crisis triggered by the spread of the new coronavirus in the United Kingdom. Because of this apt, buyers have become more cautious, and some have chosen to wait before making a final decision. The impact of the pandemic on the residential real estate market will be different for each segment. The volume of transactions will slow down this year, but the market will not be radically transformed. Remote work, online shopping, the de-globalization of supply chains, sustainability and technology integration initiatives could be fundamentally changed by this global crisis.
Rising unemployment is one of the factors affecting this market segment. This, in the short term, leads to a decrease in the eligibility of potential buyers, so obtaining a mortgage will be more difficult. The volume of transactions in this segment could decrease and sales prices would follow the same trend. The social implications and effects on the real estate market of COVID-19 could be felt in the coming years, as significant changes will take place in the way we live and work.
House prices forecast to drop 13% this year as property sales dive and incomes are hit by the coronavirus lockdown, there are also problems with companies to invest in. The market has stalled because buyers are unable to purchase.
How has Coronavirus affected the house value in the UK?
The "COVID-19: Real Estate Implications" report by JLL states: "The COVID-19 outbreak has a significant impact on the global economy. At this point, everyone agrees that it will be a severe shock to the economy in the first half. At the same time, as the outbreak grows and persists for a longer period, so do the chances of a longer-term impact on the global economy and, by extension, on real estate markets. they are bigger ". From an investment point of view, in general, the real estate sector remains in a favourable position, benefiting from significant capital before this shock, according to the quoted specialists, adding: "These factors should contribute to the preservation of the value of real estate assets and could help a rapid market recovery.
However, the effects of the coronavirus pandemic are beginning to be felt in the UK real estate market, both in terms of house prices, buyers' preferences and how long does it take to buy a house. According to data provided by the Nationwide Building Society, house prices fell nationwide in the UK by 1.7% from April, the most significant month-on-month decline since February 2009. consequently slowed at an annual rate and reached 1.8%, from 3.7% in April. The number of transactions with residential properties decreased by 53% in April compared to the same period last year, according to official data.
Is this the best time for buyers or sellers to make a move?
Residential projects under construction, with apartments already contracted, continue, but gradually all players in the field announce a paradigm shift. Home prices in the UK will fall by an average of 13% as sales fall and incomes are affected by the coronavirus crisis, according to the Daily Mail. The collapse in prices would lead to reductions of up to 38,000 pounds compared to the price of a regular home in the UK. Maybe you are thinking when is the best time to sell a house? Well, according to Metro News, house prices are likely to drop over the coming months as an immediate reaction to the lockdown measures imposed by the government. For homeowners, they must not panic; history shows that house prices recover well from sudden market downturns.
Customers want bigger homes, maybe even a house in the yard. The impact on transactions and prices is to be determined in the coming period, as developers will adapt the offer to the new requirements. The COVID-19 pandemic hit the residential market at its best in 30 years, when supply and demand are balanced and prices have been kept under control, far from the astronomical level reached in the first part of 2008.
Estate agent Knight Frank says prices may have dropped by 5% since lockdown and it forecasts a further 2% fall by the end of the year before prices begin to recover.
The benefits of improving our home before selling it to increase their real estate value
If you are planning to sell your house or apartment and you want to get the best price, here are some simple ways you can add value to your property without making expensive renovations. Your goal is to attract the perfect buyer, the one who can easily imagine living in your apartment. For this, you only need a few small improvements, which will guarantee a big impact on the sale.
There are a lot of tips about home improvements you can do before selling your property to increase their value. Housemakers it is a website that can help clients in making the right decision. So, if you have decided that it is time to sell, what can you do to increase the value of your property? Here are some tips that you need to keep in mind, recommended by experts.
- Professional cleaning
- Walls and floors
Home improving is the usual way to refresh the look and make improvements in a house. It can focus either on modernizing the exterior and interior of the home or by arranging the garden and other things that help improve the value of your property. Some homeowners renovate their homes to make them more attractive to potential buyers.
Here are the most important reasons why improved homes are in greater demand than those that need repairs:
- Most buyers do not want to buy a house that needs immediate renovation. This is why you need to renovate your home before you decide to sell it;
- Most buyers want a property in good condition, ready to move into it;
- Unrenovated houses may have a lower price, but renovated properties offer more comfort and lower additional costs.
Should we get an agency to sell our house?
In addition to renovating your home, if you intend to sell your property you can ask for help from real estate investment companies to find out how to sell your house quickly. You can also sell your house online for free using websites like HouseSimple. They call themselves a “dedicates estate agent” and a “local property expert”.
According to Real Estate companies reviews, let’s see what are the advantages that a real estate agent can bring you through its services:
- Assists in drafting documents
- Evaluates the property and proposes a price by the market
- An estate agent will know when and how to advertise your property
- Will accompany the potential buyer when the property is presented and if you are not in the country or the locality, he will personally present the property
Real estate agents offer permanent consultancy and personally handle all stages of a transaction (contact with customers, viewing the property, negotiation, preparation and signing documents), so that the effort made by the owner/buyer is minimal. Last but not least, a professional real estate agent makes available to clients and contacts of third parties involved in the transaction (real estate appraiser, notary, etc.).
How BritainReviews helps you in this matter?
Thanks to BritainReviews you can find out how to sell your property quickly and you can analyze the most important information and reviews about property investment companies. We found out from the reviews that a few simple improvements can be decisive on the impression of a potential buyer and, probably, for signing the contract. Most have concluded that any detail can make a difference, no matter how small!
It is known that all buyers trust reviews or at least check them. A product or real estate agency with bad reviews will have lower sales, while one without any review may signal that no one has been interested in it so far, so it is essential to discover some reviews before making a decision.