Finefair Ltd is a company that investors can trust to help them in many situations. We offer the same reliable services at all times. This can be a great comfort when the property market can be so volatile. Whatever is happening, we work to keep everything in order at our end. This is why we are known for offering some of the best services for property management Barnet has to offer.

Forecasting woes

At the end of 2019 forecasters began giving their predictions for the property market in 2020. Unfortunately none of them could have come close to predicting the events of the year. It has been one of the most tricky and challenging times on record.

At the outset of 2020 predictions for the property market were for a relatively slow year. The most optimistic claim was a 4% increase in house prices. However others thought this could actually be as low as 1%.

The year began very strong, putting paid to the most conservative predictions. By February the year on year growth was a healthy 3%. The performance was attributed to an increase in political stability at the time. This led many people to commit to sales after waiting to see what would happen.

Lockdown

While the start to the year was more positive than anyone would have thought, the sting in the tail came almost immediately after. Coronavirus brought the first national lockdown in March. As a result, the property market came to almost a complete stop. This is because the rules meant people could not do viewings and it was very difficult to conclude deals. Mortgage providers also began removing products from the market so even getting a mortgage was harder.

Forecasters thought the lockdown would have a huge impact. The worst predictions were that house prices would take a big hit, falling by up to 10% by the summer. Others thought the fall could be from 5-10% by the end of the year.

Amazingly, once again the market was far more resilient than people thought. The end of the first lockdown brought a huge surge in buyers. Many of these people had been through the tough period and were now looking to move to a new home with things like more outdoor space and room to work remotely or home school.

August was one of the most interesting months. Traditionally it is a slow month because people are going on holiday and have other priorities. However, lockdown made that very difficult this year. Instead many people were thinking about homes.

By this point the forecasters were predicting that house prices would be up by more than they thought at the start of the year. The most optimistic were claiming it could be as much as 7%.

Trustworthy property management in Barnet

As you can see 2020 was an up and down year for most people in the property market. Investors will have had it tough with periods of inactivity and then rushes to finish deals. Landlords also had a lot of pressure to deal with. Throughout all this, the Finefair Ltd team was continuing to offer our services. Our goal was to provide a level of consistency and comfort that property owners would appreciate.

So, if you want property management, Barnet has no better team than us. We can give you the confidence that your properties are always in the right hands. If you want to talk about your portfolio and needs, just contact us.