... and What That Means for Property Investors? Further easing of COVID restrictions have been confirmed for the 17th of May by the UK Government.
After what feels like an eternity of lockdowns, rules & regulations that no one could quite make full sense of – the country is finally returning to some sense of normality.
From the 17th of May, the majority of the indoor and remaining outdoor economy can reopen and gathering limits will increase indoors and outdoors!
Guidance for close contact between friends and family will be updated, with people exercising their own personal judgement in line with the risks.
Weddings, receptions and other parties can take place with up to 30 people. The cap on numbers attending funerals will also be lifted, in line with venue guidelines on the number of people who are allowed. Plus, hugging has been given the green light for close members of friends and family. But people must remain cautious.
The UK at present is abuzz with the news of these easements on the restrictions that have plagued us since March 2019.
As well as the reopening of a whole quarter of UK businesses, Boris has also confirmed that overnight stays will be allowed for groups of up to six people for two households.
Now, all holiday accommodation was closed when the country went into a third national lockdown on 4th January 2021, which meant that the majority of Brits were unable to plan any kind of vacation.
The closed businesses included hotels, hostels, bed and breakfast accommodation, holiday apartments, homes, cottages or bungalows, campsites, caravan parks or boarding houses, canal boats or any other vessels.
These businesses were only allowed to open if they were offering accommodation for a person with essential reasons for travel, such as self-isolation or if an individual is unable to return to their main residence. Contractors who were still permitted to work were allowed providing they were following the set-out rules & regulations.
With these announcements come 17th May, many Brits are now turning their attention to where they can potentially holiday this summer without the worry of dealing with airports & travel ban lists.
The UK offers thousands upon thousands of unique holiday home lets up and down the country. Now is the perfect time to take a moment to consider what that actually means for us property professionals, and where best we can invest our time & money… and which strategies will yield the best rewards for those savvy investors.
Serviced Accommodation (click for a previous blog on this), is a huge consideration, and we have noticed a huge spike in bookings across the country. Many SA owners are also cleverly inflating their prices as they, as the demand is outweighing the supply and they want those rewards!
Another property strategy that is also worth seriously considering is the route into Commercial Conversions. The world of Commercial has never been more versatile than it is at this very moment, and the opportunities, whilst some may be sad, are going to be snapped up regardless.
Sadly, many businesses did not survive the various lockdowns, but the world has kept turning and those opportunities to make use of the dormant spaces have unparalleled potential. We know that in the UK there is a huge need for housing, but not enough to fulfil the demand. This is where converting commercial spaces into residential units comes into play.
Watch this space for the release of our next blog post, where we go further in-depth into Commercial Conversions, and what you can do to take advantage of this bullet-proof strategy…
In the meantime, hit the link below to see what our ‘Wealth Through Property’ 2-day online education has to offer.
With Serviced Accommodation & Commercial expert panellist’s onboard to join the UK’s leading property education course, there’s plenty of knowledge to be shared and learned.
> Tuck in here <