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London Property Market 24 June 2020

The Impact of Covid-19 on the Property Market

With the UK economy already thought to have shrunk by 10.4% between February and April 2020, due to the coronavirus, there is much speculation as to the full impact the epidemic will have on the economy. Although data for May is yet to become available, the Government has warned that the country will most likely face a recession of some severity - whilst some economists believe the impact could be short-lived.

This report takes a look into the UK and London Residential Market - sales and lettings - in response to the freeze on the housing market, which came into effect on 23rd March until 13th May.

The reopening of the housing market triggered a flurry of interest from buyers, with the number of visits to the Rightmove website returning to its normal levels, with 4% more visitors than on the same day in 2019.

The lockdown forced many tenants to put any plans to move on hold, up until 13th May; and although the restrictions have now been lifted, many tenants continue to hold off moving as they wait to see how their employment situation may be affected, amongst other factors.

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