Whilst we have had the handbrake released by the government that doesn’t mean all will return to normal in the housing market.
We’re dependant upon many things including lending, jobs and demand.
But we’d do well to remember the reality; property value and property trades are dependant upon people. Needs, desires and most of all happiness.
Property valuers are stuck, caught in the headlights, not knowing what to do. Do they know the effect of this virus? Alike the rest of us they’re not sure yet.
The unfortunate truth is that employment is on the rocks, our earnings are not guaranteed and unless you work for a toilet roll factory, things have changed!
However, the non-scientific bit of the property sector is now likely to raise its head. We predict a baby boom (!!) we all now NEED a nice garden – we have all learned we can work from anywhere. We have perhaps all got closer, whilst being further away, to our loved ones. Emotionally we may now want to move more than ever.
In essence, the property industry is made up of more than charts, lending and science. If people want to move then they will. If they can’t then they’ll find a way. Question is, how much of the industry will be active with emotional moves and how much will be held back by the boring bit of affording it.
What will happen now? – is yet to be seen. Whilst we all fear a similar crash of 15 years ago, we all know this is different. The recovery could be quicker. The emotional needs are higher. Our relationship with our homes is somewhat closer than some of us would have liked!
For what its worth. Estate agents, lenders and valuers will work hard and rebuild a housing market, we may see a slight dip in value but it won’t last long. They’ll be no severe losses in property value. Just a little turbulence along the way.
Amy Dixon - the Founder and CEO of iMOVEHOME