What the Reopening of Construction Sites Means for the Property Market

COVID-19 has had an interesting effect on the UK property market, as prices have dropped across the country, people have struggled to sell, and, with construction sites now open again, there are several changes that we might see.

These are truly unprecedented times, and it is going to be interesting to see how this industry builds again in the coming months.

A Third of Homes Not Completed

Experts have predicted that the completion rate of new UK homes will drop by about a third. While it was predicted that approximately 160,000 new homes would be built in 2020, it is thought that this figure is more likely to sit closer to 105,000.

There is already a property shortage across the UK and this will do little to improve it. The rate of homes being built has shrunk back down to what we were seeing during the last recession.

Bounce Back

Despite the slower rates of completion, there is more of a chance that things will bounce back smoothly. At the moment, ministers want to try to keep building sites open a little longer to try to make up some of the hours lost but we shall have to see if company owners and foremen are as happy to do this.

When it comes to the property shortage, there are always people looking for new homes. The government’s Help to Buy scheme has been extended, and this should help people to get their first foot on the property ladder. Though it might take a while for things to pick up, there is a demand there that will help to bring the industry back to life. This gives some promising early predictions for this industry compared to many of the others that have been affected by COVID-19.

New Regulations Everywhere

Obviously, we want to try to limit the spread of the disease as much as possible. Therefore, it is incredibly important that everyone does their part and adheres to the new regulations and guidelines where they can.

On building sites, this will take the form of skeleton crews with PPE and social distancing in place. While it used to be common for several teams to work on top of each other to finish certain projects, they will now have to go in one at a time to get things finished.

For the general public, virtual viewings have become the new normal. If you wish to see a property, you can still go round in gloves and a mask to see it for yourself and get a feel for the size. However, many estate agents are beginning to offer virtual walkthroughs and tours so potential customers can see it without actually having to go there. These are all things that need to be considered if you are looking to sell your house, as well as all the normal things to remember when moving house.

Slow and Steady

While things might seem like they aren’t moving far at the moment, there are some glimmers of hope that things are going to be changing soon. If you want to engage with a new build project or look into renovations for an existing project, know that they are going to take time. However, there is no reason why you cannot reach out to get things moving on a project.

Since there is the demand there to prop it up, we might see a very fast rate of recovery in the construction sector compared to others. Hopefully, the right measures will keep things opening up slowly, and things can return to normal faster than we currently anticipate.

This is a non-sponsored article supplied by Emily Roberts

Main article photo courtesy of Pixabay