After lockdown where does Property Market go now? Can it go back a lot quicker than expected? Here are my views for recovery.
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Hey guys, so where do we go from here now we're you know the property market is back we're able to do viewings we're at a buy sell trade let properties so the question really is where do we go now?
I think you know it's a really key question here because I think you know the question really is and for me one of the ings I'm watching very closely is what's the unemployment rate because actually that will determine how long and how deep the recession stays now understand this is a very different recession than normal.
The normal recession is you go down and you may even go down and come back up and come down again and but you never know when the recovery is gonna start and you never know whether it's going to be a recovery or whether it's going to be U shape and sit along the bottom and you just don't know but the one thing we do know relatively well is that we've had a massive drop and now nobody's talking about it dropping further after we get out of lockdown. Massive drop so we know that recovery starts today the question we don't know is how long and how much it's going to recover and forget about the US because I think they're a basket case and I've said that for a while but I do think that the potential is for the UK to perform very well. I know the Bank of England has come out and they've given some figures about you know 2023 and be back to where we were so you know which means basically two years two and a half years of recovery. And that's perfectly practical and I have no problems with you know those figures they're saying is what I think actually will happen from a property market perspective is basically I think it'll be a little bit different for the property market.
I think the property market can come back a lot quicker a couple of reasons why number one is international investors flight to safety. Already we're getting our international investors our Hongkong and Middle East and our Singapore our Malaysian investors call us up and say hey what's happening what you got? You know they may not be buying right now because a lot of them are locked down or they're you know but they're talking to us they're having conversations they're starting to get ready to actually go forward with you know a purchase that's great news. Because that money flowing in is always a good thing for an economy in international investment okay it's something that they're always trying to attract.
That's the first thing the second thing is all these government pay schemes and things for keeping people employed is going to mean the unemployment rate doesn't drop you know it doesn't fall hugely or doesn't sorry increase massively the unemployment rate which is good news yeah because the unemployment is one of the big factors in this whole game.
By keeping businesses intact people are employed then they're earning income now albeit the company may not be the government may pay them, it doesn't matter who's paying them they're getting paid. So they are more likely to return to normal and I'm not talking about virus normal, you know that'll be a new normal I'm talking about investment normal and I think that's the other real fundamental key that we're gonna see it play here.
The other side this is the third element which I think is the key is the fact that we had Brexit for three and a half years before this yeah we only just bounced out of it and come out of austerity literally a week before or two weeks before you know Covid19. So we've had three and a half years of suppression of the marketplace in every way both from regulation and Brexit. We've had all this sort of stuff going on which is just kept the market suppressed so basically all those things are really going to help the market bounce back quicker.
And that's why I think actually by next year we should see prices be stabilizing prices been looking at are quite good and I think to be fair you know we're looking pretty good I mean I still I have to say I'm bloody impressed so far you know bloody impressed with all the elements.
Normally I'm sitting there and I can you know if you ask my staff I'm sitting there I'm going oh god what else can happen you know it can't get any worse than this oh no it can't get any worse this I haven't done that once you know I mean there wasn't what I call an oh shit moment there was an oh shit moment when it first hit and I was like bloody hell lockdown people are gonna buy people like that you know people could stop paying rent, people to do this I might have to get rid of the staff all these sort of things. When it first happened but they got on top of that very quickly so I haven't had these oh shit moments ever since I mean look you know I've had some man really did I have I was hoping that I had another year you know and we got a good year in this year in 2020 before we went back but anyway look it doesn't matter.
I think if we look at it I think the property market yeah will be pretty damn good now if you think about it back to 2008. 2008 hit now market directly this is not about our market you know this is a toad all together different recession and lovely go into the recession details here and wine but I do think that we are going to come out relatively strong this time.
Alright, guys any questions you've got put them into the comments happy to you know respond also you know you can send any emails or questions you like I will do videos for them. Webinars www.gladfish.com
Basically look guys stay safe, stay at home but although we're starting to get to the point where we don't have to stay at home anymore which is great news. So you know it seems like things are getting back on to an even keel now which is great but alright guys see you later bye.