Navigating the post-pandemic property market
It’s no understatement to suggest that the last 18 months have had a significant impact on industries and individuals alike. With the unexpected advent of Covid-19, uncertainty was the byword for much of 2020, and even now as we head into the latter half of 2021, nothing is set in stone.
But how has the pandemic impacted the property market, and what should potential investors bear in mind moving forward?
First of all, it’s important to remember that the commercial property market and the residential property market are intrinsically linked. Any big change that impacts the residential market tends to have a knock-on effect for commercial properties, and this has meant that a number of important changes during the pandemic are likely to affect the way that professionals buy in the future.
During the pandemic, the stamp duty holiday granted by the government from July 2020 to June 2021 in order to boost the UK property market made a substantial difference. Many saw this as a good time to invest in new property, commercial or otherwise, which consequentially meant that prices remained stable and even boomed during this period. In fact, the market is very buoyant at this time and in some respects even stronger post-pandemic than it was before.
This has undoubtedly also been fuelled by the change to people’s working lives that is still ongoing. The pandemic put the traditional working day under a spotlight, and many businesses have opted to become more flexible, allowing people to work from home and to appreciate a better life balance. People also took this time to reprioritise what is important in their lives, with many coming to the conclusion that they want more flexible working lives and more time for family and hobbies. As such, many individuals are now looking to escape the confines of large towns and cities and find properties with more space, a garden – desirable features that aren’t necessarily achievable in their current location.
Offices are being downsized, and the high street as we know it is changing, with giant stores such as Debenhams recently closing. This shift was already happening, but the pandemic has accelerated these changes. Both of these factors are transforming the image of traditional town centres and city districts.
For prospective buyers looking to invest in a new dental practice, this means that there’s likely to be a wider scope of options available. Potential buyers should consider what their aims are and see how commercial properties in certain areas match up to their expectations. For example, if someone is looking to achieve more of a work/life balance, it would make sense for them to invest in a location where properties incorporate features such as gardens and more space, especially as these areas are likely to now see an influx of professionals from big cities and towns. It’s worth looking at the demographics of the area you want to move to – if you are a professional specialising in dental implants, for example, then it would be wise to move to an area where the patients in your catchment area are of an age and have the means to make the most of your treatment opportunities. These properties are also an investment, and buying in these areas means that you are likely guaranteed a secure income, especially as property values have, on average, doubled every 7 years for the last century.
MediEstates offers professionals a comprehensive, detailed service for those looking to invest in new property. This service includes demographic reports of locations professionals might consider buying property in, as well as key market insights that are specifically tailored to the dental profession. In this way, MediEstates helps clinicians to make informed investment choices that will set them up for a financially stable future.
For more information, contact MediEstates on 01332 609318 or