coronavirus set to impact property industry

After a boost over the last few months the coronavirus pandemic has reignited uncertainty in the property market.

February saw residential property prices increase for the fourth month in a row as the market responded postively to the result of the general election and more clarity regarding Brexit. According to Rightmove the average cost of a house increased in February to £312,625, with prices up 3.5% year on year.

However, this sustained period of positivity could be short lived as the industry once again braces itself for challenging times, according to Ben Furnell, Managing Director of Furnell Residential.
He said: "After a strong start to the year we once again find ourselves heading into a period of uncertainty as people become concerned about jobs and the impact this will have on their finances which are key industry drivers.

"The swift action of the Government will hopefully mitigate against any long term negative impact and see customer confidence returning quickly as we head towards the traditionally busy spring period.

"At the present time our main priority is the well-being of our customers and staff and therefore in accordance with new Government guidelines we will not be conducting appointments until restrictions are lifted, although we are still contactable by phone and email. Virtual tours are also available on request for all our properties."