The UK officially went into a recession as the coronavirus crisis has impacted the economy.
According to the Office for National Statistics, the economy shrank by 20.4% between April and June.
And with the economic crisis, It is likely homeowners are less likely going to buy a property, says one expert.
Ross Counsell, chartered surveyor and director at Good Move, claims the news will impact those looking to buy a property.
He said: "The UK property market has been one of the most exposed industries to the government's restrictions with estate agents having to close their doors and buyers/sellers pausing activity throughout lockdown."
Ross continued: "The news of the recession is undoubtably going to worry those looking to buy a property as they're going to want to protect their finances as much as possible, therefore they may be more inclined to stay put in their current home."
It could mean that some potential buyers will put their property search on hold, while others might become less flexible with their asking prices.
The expert added: "Sellers may also be less inclined to accept lower offers on their homes, again, to protect their finances. Some may even take their homes off the market until the economy picks back up and their confidence is resumed.
"It's now more important than ever for estate agents and advisers to support their clients and find the best possible deal for them to help protect their finances long-term."
DIY fan gives kitchen gorgeous makeover using Fablon and Homesense paint
Although there isn't any evidence to prove the recession will affect the property market yet, there are some ways for homeowners to make their houses more valuable.
Coronavirus has caused a change in demand of what potential buyers are looking for, with a garden and home office becoming more desirable factors.
Ross revealed: "Following the impact of coronavirus, we predict buyers will be looking for homes with a garden and a home office space, in the suburbs and countryside for added outdoor space rather than in cities.
"Sellers on the other hand need to adapt to the change in buyer preference."
Getting a property survey will also help homeowners to identify what needs to be changed in order to increase the value of their home.
Some other home improvements could help too, according to Tap Warehouse.
Data shows that updating the kitchen and bathroom in a property could help boost the value by as much as £23,294.
This includes features like a breakfast bar, glass doors, new lighting and a bathroom which comes with good quality tiles, the research found.
Source: Read Full Article