Covid-19 and the Wokingham Property Market: what happens next?

The proverbial handbrake has been applied to the UK housing market in a very sudden fashion. Like many, we're starting to wonder what the short, medium and long term effects will be. As a reminder, the average annual rate of growth in Wokingham over the last 20 years has been 8.7%, but what happens next?

The first thing we want to emphasise is that there are a lot of very good reasons to think the market will bounce back quickly. When the market reopens for business, there will be a lot of positive sentiment, pent-up demand and buyers relishing the prospect of rock bottom interest rates. Another driver will be people wanting a new start, having had some thinking time.

But there are also potential clouds in the sky. In the short term, the market could be paralysed by buyers holding off from buying until they get some visibility on price movements.

Longer term, it is possible that the period of economic inactivity wer'e currently experiencing causes a global depression and the unemployment which comes with it.

The average annual rate of growth in Wokingham over the last 20 years has been 8.7%, but what happens next? 

You can read our full report on insights into the Wokingham Property Market here

On the whole we're positive about the outlook for the property market in the 12 months which follow the market reopening.  We're less certain about what happens after that, and we are very much in uncharted territory.

If you you'd like to get a head start when the Berkshire market comes back to life, please contact Nick or Teresa - we're here to help.

Stay healthy.