EXPERT OPINION

John Martin of John Martin Estates in Ealing gives his take on the property market with the benefit of over 30 years in the industry

As I began preparing this article, I read my last piece from February 2020 and was tempted to run it again, merely substituting coronavirus for the reference to the snap general election! Why? Well, I talked about a new sense of confidence in the market, hope that the March budget would bring stamp duty changes and my delight, in my capacity as a judge in the Great British High Street Awards, to see our amazing high streets with their sense of community and positivity of business owners.

So, here we are again, six months on, with our lives effectively put on hold for three to four months. Since our return to the office, after a slow start for a few weeks, we have seen activity in the market, both with sales and particularly lettings and a Summer Statement with the temporary changes in stamp duty until 31st March 2021. Many have also realised the true value of their local high streets in terms of essential shopping during lockdown but even more now as we see the return to the "new normal".

Since our return to the office, we have seen activity in the market

I have been asked many times if we managed to "have a rest" during lockdown. This is, of course, because not everyone appreciates that small independent agencies, in particular, do not operate solely on the basis of sales and lettings but with a large property management function. We ran everything from home until early June and although we were in the fortunate position to have completed a number of our transactions just before lockdown, we did have some sales to "nurse" through the period. The management work, however, increased especially regarding rent payment issues with negotiations to find suitable solutions for both parties. Maintenance continued, starting with a boiler replacement on day two of lockdown!

The main priority since our return has been ensuring compliance with the guidance in respect of safety for all, both at the office and for viewings. I am pleased to hear compliments from clients and applicants regarding our thoroughness in our COVID safety procedures but equally disappointed to hear that members of our industry are failing to follow simple guidance in terms of everyone, including us, wearing mask and gloves for appointments and a strict cleaning regime. It is not difficult, merely more time consuming, but essential.

So where do we go from here? The change to stamp duty is an encouraging start but it is too early to see any clear results. We must remember that furlough continues - will lenders fund someone on furlough or landlords consider someone who may be redundant in a few months? Until that sector is more certain of their position, the property market will not fully bounce back. We need everyone to play their part - to return safely to our high streets and to office working and to see the economy, and with it the property market, recover. Whilst this may not be like any of the number of recessions I have seen in my 25 years as a business owner, the same steely determination and resilience is what will see us through.