It is no secret that a lot of industries have taken a hit due to the ricochet effects of the Pandemic. One sector in particular is Residential Property who, according to Statista as of the beginning of May 2020, noted that approximately 42 percent of the landlords with arrears stated that they would most likely suffer two months’ rent lost or more while approximately 18 percent said that the losses could amount to less than one month rent due to the COVID 19 pandemic.
Almost a year later, Knight Frank estate agents have expressed that there has been a huge surge of numbers for mortgage borrowing, saying – “Underlining how the property market has responded to the improving economic outlook, there was a record amount of net mortgage borrowing in March. (2021) The figure of £11.8 billion was the highest monthly total since records began in 1993.”
For lawyers working in Residential Property, there has been a real saturation within demand for dispute resolution between Landlords and Tenants. This is understandable given the Eviction Ban ended on 1st June 2021 (For more information, visit - https://england.shelter.org.uk/housing_advice/coronavirus).
In regard to Commercial Property and Office space, CBRE has said: “Office take-up will remain below trend in 2021, but some sectors such as life sciences will outperform. Equity targeting the key central London office market remains high and will drive a reasonable recovery as uncertainties resolve. Flexibility in employee working locations will be a big theme for 2021, but the long-term trend of office densification and space efficiency seems likely to remain a big driver of office?demand.”
This certainly is an interesting area within the legal market to explore. It is an area well-sought after, full of contentious work and endless engagement as we collectively try to navigate our way into normalcy and stability again.
I have taken a very strong interest in property litigation and would love to share my insights into the market and the employment forecasts for this exciting area. Reach me at 020 3058 8009 or email@example.com for a confidential chat.