An Insight for Real Estate Industry During Corona Virus Quarantine.
Corona Virus has affected the UK significantly. There is no doubt that real estate and shelter is an essential part of life. Humans live, work, learn and spend their leisure time in buildings. The vast majority of the UK’s buildings are private homes. The remainder is commercial real estate and other non-domestic buildings.
Corona Virus (COVID-19) has affected the world in various forms. State agencies are no exemption. This isn’t just defeatist acceptance and will still result in some draconian restrictions on movement and public gatherings. This also means that viewings and client meetings all should be cancelled or postponed. Companies will be affected, some vastly more than others. A few will benefit but that would no be the society as a whole.
Individuals who can’t work and who have no savings could be in real financial trouble very fast and not all employers will have the money or the will to support them.
Will There Be Any Benefits For Real Estate From Corona Virus?
Corona Virus (Covid-19) will certainly send us into a recession and unlike in the last crisis, we are being told by experts that central banks may not have the firepower to help that much. There is a potential upside, there always is. However, there is no guarantee that these will happen. For instance, we can mention: Low-interest rates and low inflation have created the opportunity for the government and the Bank of England to embark on the biggest fiscal and monetary stimulus of all time.
Played boldly, this is an opportunity to apply for mortgages and loans. Moreover, this can be an incentive to renew and upgrade the UK’s infrastructure and public amenities across the board without creating rapid inflation or devaluation.
The Budget on March 11 is therefore a pivotal moment and a chance for the new Chancellor to act decisively and get ahead of this financial crisis before wreaks real devastation. As far as property is concerned, there might be a possibility in reduced stamp duty, reduced Capital Gains and maybe some relief for individual landlords.
Further, companies should look for reduced corporation tax and the continuation of entrepreneurs’ relief. This can also be a safety net for the entrepreneurs in Commercial real estate during the Corona Virus pandemic. Commercial Real Estate is one of the fundamental building blocks of the UK economy. It directly employs over one million people and supports an additional one million jobs in the UK. This is a total contributing of over £101 billion to the UK’s economy each year (about 7% of UK GVA).
What’s The Solution For Real Estate During Corona Virus?
As there has been a significant danger in the Corona Virus spread among society, the government has ordered the employees to work from home. However, many would not be able to work from homes such as hospitality workers or state agents. So what is the solution for state agents who can not arrange viewings or client visits?
The very best solution is to stay connected with potential clients online and do all the work remotely. This works only well if there is a reliable partner who can deal with the outsourcing of marketing such as Visualisation or 3D Floor Plans.
This is the best solution as no one needs to visit the site or the property to deal with it. All you need is a 2D drawing or floor plan. This can be integrated into the AI systems to provide the most accurate 3D Floor Plans. Clients can therefore interact, visualise and choose the potential buildings they are interested in.