How will Lockdown 2.0 affect the property market and investments?

December 10, 2020

Whilst on the surface it may seem that the market for investors, is a bit doom and gloom, the Bespoke Estate Group takeaway from all of this is that as a property investor, everything is still as it has been for a while!

It’s challenging times, but we shouldn’t be letting what is happening in the market, affect our overall strategy. We cannot be emotionally led, we have to focus on the long term, the bigger picture.

We know that interest rates are at an all time low, and that auction sales are at an all time high. Estate agents are experiencing high volumes of enquiries and sales and are commenting that they have never seen such a busy period of sales. What does this tell us? That the market is still active and attractive to buyers. However, with people paying above market for property we can understand that the residential sector may not necessarily be very enthralling as an investor, but we are here to tell you that that there is still light at the end of the tunnel! Commercial property!

With COVID19 restrictions, curfews and further lockdowns detrimentally affecting so many UK businesses to the point where they have had no choice but to close down, this has seen a surge in commercial buildings becoming available in the market at auction etc. This has allowed investors fantastic opportunities to turn these commercial buildings into residential units.

Bespoke Estate Group have a commercial property on Tower Street in King’s Lynn, in which the British Legion were tenants. Because of the effects of COVID19, the British Legion approached us as their business was no longer viable, therefore they could not continue as a tenant. We shifted tactics, ran our business model over the building and have put in for planning permission to turn this into multiple residential flats.

Over in Hunstanton, we have taken a derelict commercial building which has been disused for many years, and we are almost complete on the conversion of turning this building into 6 luxury flats, which brings more housing to the local area and will mean another building is not sat empty in a tourist town.

Again in Chapel street, King’s Lynn – an agent approached us with the opportunity to purchase the commercial building of a failing business, a steak house, which was no longer viable, and this was quickly turned into 6 flats.

And it is not just these examples we have mentioned here – we are constantly out assessing deals at the moment in other areas within the commercial sector in Downham Market, King’s Lynn and Norwich, so there really is tonnes of activity in the market right now.

If you are interested in getting involved with any of these opportunities, please get in touch with our team and we’ll be happy to discuss them further with you.

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