Allan's December Market Update
Published: 01/12/2020 By Allan Fuller
This has been a year that we all would like to see the back of, our hearts go out to all who have suffered the tragedies that have unfolded. We just hope that next year brings the vaccine that will begin to restore some normality although some things will have permanently changed.
One of the things that has been a revolution is a vast increase in people working from home who are likely to continue doing that regardless of the prospect of lifting all restrictions. Modern means of communication has been the enabler, the effects will be considerable. Companies needing less office space will reduce their costs, commercial landlords will have rental income considerably reduced. Business that have survived the lockdown but rely on city workers for their customers, such as; retail shops, coffee shops, bars, pubs and restaurants will still suffer because of people continuing to be home working.
In property it has been an extraordinary year, starting with optimism and increasing business levels then plunged into lockdown, a respite with a reduction in stamp duty that created a large increase in demand especially for houses and flats with outside space. Now we have a considerable number of sales with concerns of completing before the end of March, unless Sunak introduces an extension, which is unlikely.
We have certainly seen an increase in people wanting gardens, and a room for home working. The other change is more people with pets. Apparently, the government are considering a law allowing tenants to have pets, this would have to override clauses in leases that prevent animals.
Whatever happens next year will be bringing more changes, most of all we hope it will be a vaccine that will bring this terrible virus under control.
Wishing you all a Happy Christmas and a safe, healthy 2021!