The market really has literally with the lockdown been shut down. It is difficult to predict what will actually happen at the end of all this but from conversations with several experts and reading the general press it would seem that the market for the time being has just put into a frozen state. It is not like times before, in other recessions where the market has fallen rapidly due to market circumstances.
We are of the opinion that the market will not dive and will recover, albeit slowly. We do not anticipate in the short term house prices dropping dramatically and once this is all over which may take several months, activity will return to the market. There will be some damage done but we suspect price drops will be minimal. It’s interesting to read a recent article in the Guardian whereby the experts Knight Frank have anticipated only an average 3% drop in house prices. This is interesting as this takes into account London prices which tend be more volatile. This would suggest North Devon would be fairly stable. , The real estate industry itself will suffer a 20% setback is their prediction, this is compared to some sectors of industry who will suffer a significant higher percentage some as much as 90% (Education). The economy prediction is 35%. It is also interesting to note that the construction industry might well be allowed to function again within the next three weeks It is also anticipated, by looking at comparable countries, that small shops, estate agents and similar will be allowed to open and trade in May. How people travel to the West Country to visit these properties or allowed to come down here on holiday is yet to be fully discussed and thought about.
We are here still , all working from home, but we are here to take enquiries and give advice wherever we can. We are able to offer valuation services by using online features, WhatsApp, zoom in by virtually the visiting someone’s house to take and use that information to provide a valuation.
Stay safe and say stay well.