Published: 18/01/2021 By Allan Fuller
We have the hope now of vaccines that will bring the pandemic under control although until we reach that point life will still be far from normal. In fact it will be a different normal, the so called new normal and one area that will be particularly apparent is property. Vast numbers of people are now working from home, some will go back to their place of work full time when restrictions ease, but a vast number will either continue only, or partly working from home. It has really only been possible due to modern technology, sobering to think that in earlier times this could not have happened.
There has been much said about people permanently moving out of London due to home working, we have only seen a small amount of that happening, there are many reasons why people make the choice of where to live, it will be interesting to see how this develops long term. This will have a number of effects. Companies will reduce their accommodation needs, saving them fixed costs, which in London are massive, but at the same time for the landlords their income will reduce, with it their share value, which could have a knock on to pension funds that invest in those shares and in property generally.
As for the residential market we have been able to agree several sales and lettings due to being allowed to remain active under the current restrictions. It is noticeable that demand for more space for home working has become priority, along with outdoor space due to a large increase of people having acquired pets in lockdown.
We have a rota of skeleton staff who can show property but with extensive safety measures. There are always people who simply have to move and it is fortunate that this has been recognised. The safety of our team and customers is always our highest priority.