U.K. property market update — Summer 2021
Property markets across the globe were unexpectedly hit in 2020 due to the COVID-19 pandemic and although it has been over a year since the start of the pandemic property markets are still trying to find ways to get back to a somewhat “new normal.”
This “new normal” is going to look a lot different when the moratorium on evictions ends and tenants are forced to pay their rent.
“One of the biggest topics facing both landlords and tenants is what to do with the large accumulation of unpaid tent, which has obviously built up during the pandemic,” says Zachary Gauge, Head of Real Estate Research & Strategy Europe ex DACH at UBS. “The government has recently extended the moratorium to March 2022, which gives tenants and landlords more time to come to conclusion.”
Gauges continues to explain that in most cases landlords and tenants are working constructively together to put an arrangement in place and now that businesses have started to reopen, the