With the easing of lockdown restrictions on the English housing market, concerns were raised regarding the long term effect the health crisis may pose on the future of the housing sector. Will there be a change in buyer requirements? Will the very nature of viewing properties become virtual, rather than physical? In a climate in which it was difficult for young buyers to get on the property ladder, has the pandemic now made it simply impossible?
Gibraltar did not experience the restrictions on its housing market that the UK faced, but certain limitations were imposed, such as restrictions on viewings. This has allowed for a certain level of continuity of the property market, particularly in relation to the UK, which has been a welcome occurrence.
This does not necessarily mean to say there won't be significant changes within the Gibraltar housing market e.g. the individual needs of the purchaser may well change; greater consideration given to increased floor space to allow working from home and home-schooling, more outdoor space, sacrificing of a second home across the currently restricted border to fund a larger property in Gibraltar.
The property landscape in the UK and Gibraltar may well be about to face a step change both in sales channels and buyer behaviour, only time will tell.
As activity returns to the market, experts are pondering what the longer term impacts of the health crisis might be