It’s safe to say that the UK wide lockdown which was introduced on the 23 March 2020, and was slowly eased from the middle of May to present day, has had a huge impact on people and the economy.
Brexit used to be the word of the day, with the people across a variety of industries concerned about what the future would hold and what a deal – or no deal – Brexit would look like.
Fast forward to the middle of 2020, and the new worry at the forefront of everyone’s mind is the impact of a second nationwide lockdown.
Localised lockdowns are occurring throughout England as local authorities try their best to curb the rise in coronavirus cases they’re experiencing.
But the impact of a second nationwide lockdown to combat a second wave, could quickly eradicate all of the positive work done by the property industry over the past four months.
MCI Mortgage Club recently conducted a survey, which revealed that 73% of participants felt a fresh lockdown would affect the mortgage market over the next 12 months. Brexit concerns only worried 35% of those who took part.
Other worries that were picked up in the survey were:
- 68% were worried about stricter lender criteria
- 67% were worried about mass unemployment
- 63% were worried about recession
- 62% highlight the adverse effect of payment holidays and furlough
Melanie Spencer, head of the MCI Club, comments:
“Understandably, as restrictions are eased over the country, everyone serving the market will rightly consider a second lockdown to be a disastrous event, especially as the market is beginning to gain momentum again.”
“With the stamp duty cut until next year, the conditions are right for a sustainable bounce-back. Of course, it is surprising that Brexit didn’t rank as highly, or more specifically, an appropriate trade agreement by the end of the year.”
