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Coronavirus could damage property market

Patrick Kelly
Mar 6, 2020


Coronavirus can impact public health, travel and, now, even the property market.

The so-called 'Boris Bounce' in the wake of the Conservative's huge victory at the General Election may prove to be short lived.

House prices did rise for the fourth month in a row in February, with the average cost of a home now up above £240,000.

According to data collected from Halifax, house prices climbed by 0.3% month-on-month, surging by as much as 2.9% for the quarter. 

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But now that bubble could be about to burst as fears mount that a global pandemic, caused by Coronavirus (or Covid-19), could be on the way.

Russell Galley, a spokesperson for Halifax, told The Telegraph: "Much like we saw in January, the increases seen in February reflect the continued improvement of key market indicators.

"The sustained level of buyer and seller activity is strong compared to recent years, with positive employment conditions and a competitive mortgage market continuing to support demand.

"Looking ahead, there are a number of risks, including the potential impact of coronavirus, which continue to exert pressure on the economy and we wait to see how these will affect housing market sentiment later in the year."

 

But what are the facts so far when it comes to the Coronavirus?

Well, globally there have been more than 100,000 confirmed cases and around 3,000 deaths.

In the UK, we have just had our second confirmed death - but both tragically already had other underlying medical conditions and were elderly. 

In terms of symptoms, the medical advice states that it is like an aggressive flu.

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Those suffering from Covid-19 will develop a cough, fever and have trouble breathing.

In the most severe cases this can lead to organ failure and part of the reason there is so much panic at the moment is that there is no antidote for it - anti-biotics won't work as it is a viral infection.

However, the good news is that people who are in generally good health are expected to make a full recovery if they do fall ill. 

And, just getting back to the actual property market figures, Marc von Grundherr, Director of estate agent Benham and Reeves, had this to say: "The UK property market has awoken from its politically induced slumber and is firing on most, if not all cylinders so far this year."

Amazing news. 

Stay safe, people, wash your hands and be hygienic!

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