Many UK investors planning to buy or sell properties in 2020 have put their plans on hold as a result of COVID-19, according to new research published by FJP Investment.
The findings revealed that 20% of investors were planning on buying one or more properties in 2020 but will no longer be doing so as a result of the coronavirus pandemic. The investment firm suggested this figure nearly doubled for millennials, with the survey finding that 39% of those aged between 18 and 34 have put their property buying plans on hold.
FJP Investment had commissioned an independent survey amongst more than 850 UK investors, all of whom have investments in excess of £10,000, excluding property, pensions, savings or SIPPs.
The research also found that 19% of investors were planning on selling one or more properties in 2020 but have since decided not to, while more generally, 43% are not making major financial decisions until the pandemic has passed.
However, despite some hesitancy about pushing ahead with investments, FJP Investment stated that almost half (48%) of UK investors are still viewing property as a safe and secure asset in the midst of the ongoing crisis, compared to just 12% who do not. The remaining 40% indicated they were unsure.
FJP Investment CEO, Jamie Johnson, commented: “Today’s research demonstrates just how COVID-19 has affected people’s property investment plans. There is a clear reluctance to engage with the market right now from both buyers and sellers, despite the fact real estate is still regarded a safe investment avenue in this volatile period.
“With the Government allowing real estate sales to go ahead again by relaxing social distancing measures this week, it will be interesting to see whether this affects investors’ attitudes.
“Far from being business as normal, I believe prospective buyers and sellers will still tread with caution in the coming month. However, once there is more certainty about the future, it seems likely there will be a rush of activity in the property market.”
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