Right now the property market is experiencing a mini boom, due to all the pent up demand from during the lockdown. But don’t be fooled by this false sense of security.
The property market is going to crash by the end of the year, or in early 2021. This is because the UK will slip into recession over the next few months and October will be the crunch point, when the Government’s furlough scheme comes to an end.
Many people who are currently on the scheme may not be brought back to work.
Unfortunately, millions of people might become unemployed overnight.
The Bank of England has predicted this will be the worst recession in 300 years and that property prices could drop by 16%.
So what does this mean for you?
This is going to be a period of massive uncertainty for most property investors, or it could be the best investing opportunity of your life.
You get to chose. Although no one has experienced anything like this pandemic before, the property market has seen many crashes, the last one of course being in 2009.
Whilst some investors lost everything in the last crash, there were those who did extremely well.