Coronavirus Update: Further furloughing of staff set to be banned as government looks to wind down scheme

Government looks to ban furloughing staff as scheme wind downs

Chancellor Rishi Sunak has announced plans to ban furloughing staff for companies as the furlough scheme is on track to be wound down. The Chancellor is also set to announce later this week, the amount employers will need to start contributing towards the furlough scheme from August onwards. It is expected by many that companies would have to contribute at least 20% towards the furlough scheme in August. It has been reported that hundreds of thousands of companies have applied for the furlough scheme. A quarter of the entire UK workforce has been covered in the scheme since inception. As per previous announcements made by the Government, the furlough scheme is set to end by October.

Property demand surges as market reopens

Zoopla has announced that there has been a 88% surge in property searches in the week ending May 19th. The popular online property platform has added that demand has been particularly high for cities along the south east and northern England. Amongst the list of cities in the north that posted higher demand was Manchester.

“The Covid crisis and 50-day lockdown have created an unexpected one-off boost to housing demand,” Richard Donnell, director of Research & Insight at Zoopla, said in the report. “Millions of U.K. households have spent a considerable amount of time in their homes over the lockdown period and missed out on hours of commuting. Many households are likely to have re-evaluated what they want from their home. This could well explain the scale of the demand returning to the market.”

Jump in property demand expected to be short lived

Unfortunately, Zoopla has also added that the increase in demand could be short lived as unemployment rises and economic recession to be expected. “However, we expect the latest rebound in demand to moderate in the coming weeks as buyers and sellers start to exert greater caution. Further support from the Government can’t be discounted and would help limit the scale of the downside risks”, Zoopla Director Richard Donnell has added.

What does it mean for you?

With the sudden surge in property demand expected to be short lived due to the economic uncertainties and rising unemployment rates, the 2020 outlook of UK property market appears to look rather grim. This is on par with what other industry experts have forecasted within the last couple months. If you have been planning to, or have been pondering to, sell your property, it may be better to consider selling now to avoid further drop in property prices.

Why use Auction Agent?

With our exchanges guaranteed to complete anywhere from 1 to 28 days from the fall of the hammer, Auction Agent property auctioneers will ensure that your property would be sold as quickly as possible and without the worry of buyers dropping out. Our seller’s package includes marketing on leading online property portals (Rightmove, Zoopla, and PrimeLocation) and social media platforms (Facebook, Twitter, and LinkedIn).

Auction Agent property auction house has over 50 years’ combined experience – we are ready to answer any of your questions regarding buying, selling, or just regarding property auctions in general. Auction Agent house auctioneers offer complete services for buyers, sellers and even probate property owners. Furthermore, Auction Agent property auction house gives all sellers peace of mind with our no-sale-no-fee approach.

Take your first step to a stress-free property sale today by contacting us for a free property valuation. Be sure to sign up for our newsletter for the most up-to-date properties available from our property auction portfolio.

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