In an official forecast by Knight Frank estate agents have downgraded the outlook for property this year, it predicts that up to half a million fewer homes will be sold in the UK than previously predicted.
With all but essential travel allowed at the moment, the property market is on hold as viewings and surveys can’t take place.
A similar story in the construction industry, Construction output fell at the sharpest rate since April 2009 in March due to COVID-19.
“March data provides an early snapshot of the impact on UK construction output from emergency public health measures to halt the COVID-19 pandemic, with activity falling to the greatest extent since the global financial crisis.”
While it might make for grim reading remember it should be for the short term, we are sure the industry will bounce back when we can return to normal!