Home Commercial Property How is coronavirus shaping the UK property market?

How is coronavirus shaping the UK property market?

by LLP Reporter
5th Jul 20 12:38 pm

The coronavirus crisis has affected virtually every corner of British industry. Public and private sector, from multinational corporations to the humble B&B. Some have faired better than others due to their ability to adapt.

As we mark the 100th day of lockdown, we ask if the UK property industry could turn out to be one of these success stories?

Peter Joseph of The Moving Hub said, “The pandemic has clearly made most businesses have to change down a gear or two and in some sad cases led to businesses stalling.

“The property industry has suffered from this, but for a few; of which we are one, the award-winning technology that we have heavily invested in over the past few years has seen us not changing down a gear but merely lifting the foot of the gas slightly.

“Having the ability to overnight have our dedicated staff work from home on systems that mirror our workplace has seen a successful and seamless transition into what may now become part of our daily working environment.”

Chris Norris of the NRLA said, “The Covid-19 pandemic has been an unprecedented event, and landlords have had to play their part in supporting tenants through it.

“What we have seen during the pandemic is that landlords have been doing their bit to help tenants. To help households, which are struggling financially many are showing a willingness to adapt and have been offering rent deferrals and reductions where they can in order to sustain tenancies.

“Away from their purely business interactions, some landlords have also been helping in practical ways such as offering to do shopping for vulnerable tenants or volunteering in their local communities.”

Paul Shamplina, Landlord Action/Hamilton Fraser said,”We have adjusted remarkably well. We have 215 employees at Hamilton Fraser all working remotely for our brands My Deposits, Total Landlord Insurance, The PRS, Client Money Protect, Landlord Action, H F Assist, Landlord Zone, as well as our Aesthetic insurance business.

“Impact wise in respect of Covid-19, Landlord Action went a bit quieter for a couple of months, because the courts suspended evictions until the end of June and My Deposits protections as well, as the lockdown meant tenants could not move into new properties, It was a wise decision by the Government to free up the property market early on, as our industry does underpin the economy in so many ways.”

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