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Property Market Snapshot - May 2020

Published: 13/05/2020

Copping Joyce has a fantastic working relationship with a network of Lenders, Landlords, Tenants and Brokers. We work very closely with our trusted Client’s to attempt to gain the most in-depth snapshot of the market at any one point.

Investment & Development
It is positive to see, even in these unprecedented times, that the demand for good quality stock remains from Investors and Developers. We anticipate investment volumes could rebound towards Q4 of 2020. With regards to Developments, as many sites have been grounded almost to a halt, it appears that developers have used the lockdown period to their advantage by asset managing alternative sites and getting ahead of the competition. Will we see developers seeking higher profit margins in month to come? Only time will tell.

Loan Security Valuations
With current uncertainty lenders have taken a more cautious approach by lowering their LTV’s and increasing their rates. The majority of lenders are facilitating their existing customer base and completing existing deals which were in the pipeline pre COVID-19. That’s not to say there has also been a fair amount of new lending (although significantly reduced compared to pre-lockdown levels) which has been based on desktops and physical inspections where safe to do so.

Transactions post lockdown
With the Government announcement of the UK transitioning into the next phase of preventative measures to combat the spread of Coronavirus, this has allowed the property market to cautiously re-ignite. We have seen sale evidence across a number of auctions in recent weeks. Estate agents are carrying out ‘virtual viewings’ which has helped the property market to stay active.

It is inevitable that most parts of London will see some sort of correction for the short term at least; whether this be a change in Market Values and/or longer marketing periods and voids. This should be something the banks and investors are made aware of. However, since the latest Government update, there has been a positive influx of new enquiries and instructions. We continue to work closely with our valued clients who rely on us as Chartered Surveyors to provide a clear and fair portrayal of the property market.