Monday the 4th of January came with an announcement from Prime Minister that there would be a third national lockdown. All none essential businesses must stop. Unfortunately, that means that any construction not deemed as an emergency or of social importance must stop. What does this mean for the housing market? During the first Lockdown, the housing market was put on hold until May, when the government lessened the rules for this market. Covid had meant a great many changes for everywhere, not just the housing market.
Using Technology
A way for the housing market to move forward and adapt in these troubling times is through the use of technology. Now more than ever, virtual tours of the prospective property has to be encouraged, though in-person viewings are still permitted. This changes things for Real Estate Agents who will now be going to fewer viewings and will more likely be conducting business through video chat, live streaming or over the phone. Visits to prospective properties will have to be done with the strictest of guidance regarding Covid rules. Masks will have to be used, the viewers and the agent will have to be socially distanced and there will need to be hand sanitiser as well. Viewing should only be done in person after virtual touring has been tried.
Housing Development
Unless the housing development has been deemed as socially important by local authorities, they have been put on hold. Home improvements have also been put on hold unless deemed an emergency. This is something that also happened in the previous lockdowns/ it means that projects are being put months behind schedule. The aim will be getting them done as soon as possible. Housing demand has grown between the lockdowns, there is still a huge demand for more living situations.
Covid has once more complicated things, but it is a situation that we will be able to deal with, as has been done before. Housing Development is a huge industry with many different industries relying on it. Real estate, interior design, plumbing, electricians etc. it is a vital industry that will adapt and continue to expand.