According to Statista, the real estate industry is one of the most lucrative industries in the United Kingdom, employing over 500,000 annually. For example, in 2018, the industry was able to generate over 69 billion British pounds. Further, the ONS indicates that the average price of purchasing a property was Â£230,000 in 2019. However, the real estate prices have changed significantly since then, and the pandemic-triggered recession occasioned this. If you are planning to venture into the real estate industry, you need to read on to understand more about the real estate marketing in central london with Covid.
Effects of COVID-19 on UK Real Estate
While a monthly fall of Â£ 2,080 in the UK real estate industry was experienced, the truth is the overall figures increased by over 6% in the year 2020, leading to a median price of Â£253,000. Notably, factors such as stay-at-home policies, COVID-19 recession, and the Sunak’s stamp duty holiday that allowed taxation on houses above Â£500,000 occasioned this situation. Nonetheless, real estate experts have predicted a potential decrease in property prices in 2021 due to several factors, including the following;
The potential increase in unemployment contributed by the government abandonment of business support measures and schemes meant to help people by the end of 2021. Consequently, many people will be unable to pay for their mortgages.
The escalating economic capabilities of many people. This means that most people will not be able to invest in the real estate industry.
Declining demand for houses due to the massive purchase during the stamp duty holiday
Real Estate in Marylebone Area
Like the rest of the UK, Marylebone has suffered a great deal of the effects of the COVID-19 pandemic on the real estate industry. For instance, prices were pretty high during September 2020, which resulted from the July surges. However, since then, house prices have dropped significantly since the beginning of 2021, and all signs indicate that stakeholders in the industry should expect a further drop. Therefore, if you want to get into the real estate business, you may want to consider hiring the services of a professional Marylebone Estate Agents. Since real estate agents have been in the industry for a long time, it means that they have the capacity and everything that it takes to help you access better prices. Furthermore, working with Marylebone real estate agents can save you a lot of time.
If you were trying to find out about the current state of the real estate industry in the UK, then you now have a clear idea. Nonetheless, considering that these are times encompassed with lots of uncertainties, it can be pretty hard to predict the direction that the real estate industry in London is facing. To ensure that you do not make costly mistakes, you may want to consider consulting Jeremy James today.