Have we entered a decade of uncertainty?
We’re only 3 months in and the 2020s have brought big changes. Although political uncertainty may have died down, there is still plenty of upheaval to go around. However, it doesn’t necessarily follow that uncertainty is bad for business. People react in different ways. Some double-down on current investments, limit spending and consolidate; some hope the hesitation of others mean better prices and deals for themselves and decide to expand.
“The only constant in life is change”
Let’s face it, there is always something going on that affects the property market. Let’s take a quick trip back in time and see what the conveyancing industry has been worrying about over the last 50 years.
The 1970s were blighted by high inflation and unemployment in the UK and soaring oil prices abroad, but also saw the first Boeing 747 flight, making foreign holidays a reality for many people. All had a knock-on effect on how people and companies spent their money.
In the 1980s, the UK entered a recession, with riots, the Miners’ Strike, and IRA bombings dominating real estate fears.
The 1990s saw the introduction of the poll tax, the opening of the channel tunnel and the official collapse of the Soviet Union. Threats and opportunities abounded in this turbulent decade.
The 2000s were home to the major financial crash of 2008 followed by over a decade of austerity. The resulting UK recession lasted for five quarters, the worst since the Second World War.
And finally, the 2010s, which began life amid the global financial crisis, saw London host the 2012 Olympics and ended with hopes and fears dominated by Brexit.
When things change, opportunities surface . . . for those who are looking.
It leaves you quite breathless, and we may wonder how we have any industry left in the country at all.
But it does seem to be key that with change comes opportunity. Resilience and optimism combine to keep firms finding new ways to innovate and improve.
So, it seems not everyone views uncertainty as bad. There are those who start demanding more. They see openings to invest, and they know a prime site won’t last forever. They start demanding ways to research potential investments quickly and easily. With proptech pushing the boundaries of efficiency and an expected rise in development prices and construction costs, we’re sure the property market professionals will find a way to make the most of the coming decade.
If you’d like to find out more about how Promap can help surveyors with accurate mapping, crucial for creating valuation reports and property particulars, then click below to read more.