So far the Coronavirus pandemic has had an impact on a global scale with most of the world in some form of lock down. Here is the UK we are coming to the peak of the pandemic. With thousands of new diagnosed cases each day when will this end? and what will the UK look like after?
The crisis in the UK is expected to peak within the next 10 days. The country has pulled together like never before with. The lock down rules have had a very big impact on the country including the stock market. The stock market has dropped to its worst level since 1987.
The housing market has gowned to a hault with many lenders taking products of the market essentially locking out first time buyers or people with small deposits. We spoke to local mortgage expert at Get Me My Mortgage about the situation. ‘ the uk property market hasn’t seen an impact like this since the 2008 financial crisis. The government do seem to be doing all they can to ensure that the economy is not to badly effected by the virus. Only time will tell be we are expecting the economy to bounce back in the medium term. Our advice to potential first time buyers and those coming to the end of there initial rate is to not worry to much as the products taken off the market are likely to come back once the lock down is over and the economy stabilizes, there are still a lot of products out their with good rates so it is best to speak with a specialist and plan ahead.
The government has really stepped up there efforts to stop the country from going into a recession with grants and policies put in place to help companies that cannot retain their employees through the lockdown. Furlough grants will really help small businesses to keep their businesses afloat and take of pressure of keeping on staff during a time where they have no work.
Overall the situation is unprecedented and this is a time where we all need to pull together and follow government advice and stay in our homes to stop the spread of the virus.