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Peter Young

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Pent Up Demand! .. More Like Pent up Aspiration! Ellie .. This will be my 4th Property Recession in my lifetime and without doubt it will be the worst. I agree that there may well be an initial pent up demand stimulus by those that have an agreed mortgage in place to utilise and sales not yet completed during Covid lockdown. Then reality is going to set-in; Stagnant Jobs that have been subsidised by the tax payer will come to an end. Government Policy will put pressure on Banks to recover tax burden, get their balance sheets in order and force many good businesses into Bankruptcy. Unemployment rate will remain high, with those having registered for temporary support remaining on support, with the cue growing ever longer. Foreign property investment will fall off a cliff with protectionism and self interest rife. Social habits will have a massive hit and effect on the 2+1 demographic, who are key to pushing the market forward will change, with no doubt new dating apps with a prerequisite confirming all registrants have Covid Immunity the new norm. I think the rental market will provide some stimulus for Housing Associations and Investors catering for those around Income Support, with greater pressure on Local Authorities to provide accommodation. I think a cultural shift is inevitable from capitalism to socialism around the world and the must haves, or have got’s will no longer be paid homage to. Humanity has had a wake up call to the now and what might be around the corner not least a second, third outbreak. Caution and confidence in the market will have a prolonged presence on any activity for the foreseeable future, this cataclysmic blow to aspirations will be felt and not forgotten for many years to come. The true consequences of which we will only be able to truly comprehend in the History books of the future. So those that think the property market will carry on as normal and that a correction is a maybe are deluded and peddling fake news!. It means that we now more than ever have to be more realistic, honest, transparent with projecting trends, would be sellers being realistic about valuations, developers focusing on market needs rather than inflated profits (remain solvent), give Buyers the confidence they need to even consider entering the market by being honest and upfront. One thing that will get us through this is that we are in this together! self interest is no longer in Vogue and I am personally assessing my own wealth and looking at what I can do to help others, but that is another Story! cannock3136

From: Peter Young 11 May 2020 23:33 PM

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