We’ve looked at how the #propertymarket and the economy will be affected over the next 18 months or so, but what does this exactly mean for your propertybusiness and how should we adapt?
Savills have predicted a 5%-10% drop in property prices. We have come to the personal decision that in fact it is likely to me more like a 10%-20% drop, depending on where your properties are, so we are planning with those figures in mind.
We don’t expect to the drop to be as bad as the 2008 recession; banks will not be able to take the same hard-line as before. We are however going to continue to research and monitor this as the year goes on.
What we can safely assume at this stage is that 2020 is not going to be an easy year to refinance property, so you may need to adjust your business model for this. We have been re-working our model to remove the risks of refinancing as we progress through 2020.
We do think there will still be an opportunity to buy property this year and we hope to see in a few months’ time there will be an increase of opportunities within the market.
This is a time that we will all need to adjust and adapt to the current situation. The main thing is, is to get yourself ready an prepare for the changes ahead.
Make a clear decision on your course of action and continue to adapt as things change.
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