Property industry worried about second wave

More than twice as many principals, advisers and administrators worry about the impact of a second coronavirus lockdown than about Brexit, a survey from the MCI mortgage club has found.

Nearly three-quarters (73%) worried about the impact of a fresh lockdown on the mortgage market over the next 12 months, compared to a third (35%) who pointed to Brexit as a factor.

Melanie Spencer, head of the MCI Club, said: “Understandably, as restrictions are eased over the country, everyone serving the market will rightly consider a second lockdown to be a disastrous event, especially as the market is beginning to gain momentum again.

“With the stamp duty cut until next year, the conditions are right for a sustainable bounce-back.

“Of course, it is surprising that Brexit didn’t rank as highly, or more specifically, an appropriate trade agreement by the end of the year. It could be that we’re on course for more economic disruption, just of a different kind.”

Other significant influences cited by people included stricter lender criteria (68%), mass unemployment (67%), and recession (63%).

In addition, 62% highlighted the adverse effect of payment holidays, furlough, and business support loans.