THE UK property industry has, like most sectors in the economy, been hit hard by the breakout of the coronavirus across the country.
Amid the COVID-19 pandemic, the housing market has gone into shutdown as sales, surveys and a large number of projects have been put on hold. A recent study by global consultancy, Knight Frank has stated UK house sales will collapse this year. Although house sales will drop in the UK, Director of the Association of Homebuyers, Jonathan Rolande told Express.co.uk renters will be the first to be impacted by the virus.
He said: “They’ll be a decline in the rent sector, that’ll be the first to be impacted.
“The redundancies from the virus will be mostly in the sector of the property market where a lot of people were renting.
“Landlords will feel it very badly due to renting drops.
“Couple that with a property being empty and renting pressures or shortage of tenants, means the industry will be hit hard.
Source: Express
