Economic recovery following the Covid pandemic is going to be very difficult to predict but here is my take on the construction and housing sector which mostly influences what we do as a business. Business leaders and economists are saying that the V shaped recovery is less likely now even after the measures taken by the Chancellor recently but there are more optimistic signs in the housing sector. House prices have pushed to a record high after mortgage terms have been relaxed and the stamp duty holiday enacted. Lenders have resumed offers to clients with small deposits and no stamp duty is payable on properties valued under £500,000.

Whereas Spring is normally seen to have the most active period in the housing market this has now shifted to Summer this year. Record numbers are not only registering their properties for sale but also the property websites have seen a huge increase in enquiries. However, the proof is in the sales and between mid-May and mid-June 44% of properties that came up for sale had offers accepted. Three times as many houses as normal were listed for sale in the first week of July than in the opening week of January. House builders and Estate Agents have seen a 75% increase in enquiries, so the signs are very positive that the market is in a strong position. With most of the banks and lenders now back open for business we are seeing an increase in new instructions. I am not predicting that we are out of the woods yet, by any means, but positive news and long may it continue.