The government today allowed the property market to reopen after weeks of shutdown due to the coronavirus lockdown.
Founder and CEO of GetAgent.co.uk, Colby Short, commented: “We know that the lockdown brought about an abrupt decline in the number of homes reaching the market and this has led to an underlying current of pent up buyer demand.
Not all of this demand will convert in the coming months, but now that the doors have reopened those that need to transact out of necessity will do so and this will bring about a level of stability for the wider market.”
Director of Benham and Reeves, Marc von Grundherr, commented: “It’s great news that the government has realised the vital role the property market plays in stimulating the wider economy and that estate and lettings agents are the ones facilitating this on the ground.
Agents have been poised and ready to resume business since we entered into lockdown and the ability to do so will be warmly welcomed by those that have had to close offices and furlough staff.
It’s important that we do so one step at a time and without compromising the health of our staff, our customers and the wider population but with the process of buying or renting now requiring very little face to face contact, agents should be able to adapt swiftly to this new working norm.
We’ve already stockpiled a large amount of PPE on the advice of our offices in Asia who have been preparing for a return since January and while we can’t speak for all agents, we remain confident that we can service our customers appropriately and with the correct measures in place.”
Managing Director and founder of Sourced Capital, Stephen Moss, commented: “While the return of market activity is great news it will be some time before we return to the buoyant levels seen post-election. Certainly from an investment standpoint, many will be conscious that the economy has suffered, shrinking at its fastest rate in just a few short months this year.
As a result, everyone from the big name developers to the armchair investor will be cautious about investing while a curtain of uncertainty remains and this continued apprehension at the initial stage of the property life cycle will have a knock-on effect further down the line.
While a reduction in stock will see prices increase as demand grows, we need the sector to be firing on all cylinders across the entire lifecycle to ensure it returns to full health.”