BY: Caroline Mirakian, Head of National Accounts at Pepper Money
The question at the front of most people’s minds at the moment is ‘what does normal look like?’ and it’s a very difficult question to answer. The scale of the impact of COVID-19 on the economy is beyond doubt, but unlike previous recessions which have been caused by some sort of structural fault or problem that has needed to be rectified, this recession has been artificially induced by the government closing down virtually the entire economy. This has been with good reason of course, in the battle against the pandemic, but a total lockdown of the population is unprecedented, and without precedent, there are few clues as to what shape the recovery might take.
Initial feedback shows that the property market has bounced back very quickly since it was allowed to reopen at the beginning of May. In fact, property website Rightmove recorded its busiest ever day on Wednesday 27th May, surpassing six million visits for the first time and up 18% on the same Wednesday in May last year.
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