16 May WHAT ARE THE PROSPECTS FOR PROPERTY IN THE IMMEDIATE FUTURE
Good, although Wales is still in lock down.
It is hard to believe that the Welsh Government wouldn’t agree to comply with the Westminster Parliaments’ decision to allow the property market to reopen, but they haven’t yet. Pressure will undoubtedly be on them to work in concert, so it is our hope and belief that we will be able to operate again soon. The experience in England will be the catalyst.
There is some speculation in the Press about uncertainty as to what will happen to house prices? but in our opinion they will hold up well and there may even be the possibility of rises, due to the effect of pent-up up demand, relative to an initially limited supply. There is a shortage of residential property in this country and a natural aspiration to buy, when possible, so the property market will underpin overall confidence and can only improve as the economy starts recovering and settles down again.
We have been continuing to operate our business, within the constraints of the regulations and behind closed doors, ie. virtually, making full use on the internet and we can report that the build-up of pent up demand, is considerable.
We will of course continue to comply with all recommendations for the safety of everyone with whom we come into contact and our offices are fitted out and set up, in compliance with those regulations.
We are ready to get started in dealing with the demand that is clearly building and the opening up again of the property market will constitute a considerable step towards the recovery of the economy. There are said to be two billion pounds worth of transactions ‘on hold’ in the pipeline and after Hairdressers, Pubs and Restaurants, recovery in the property market, should give a big lift to the spirits.