The Impact of COVID-19 on the Real Estate Market

Photo Credit : Walls Street Journal

This time last year, the world shut down. Do you remember? Everyone’s plan was literally on a halt, and the world was in a panic. An article published by BBC.com introduced the Coronavirus mortgage relief for homeowners, where Chancellor Rishi Sunak publicly announced that UK mortgage lenders would be offered a three-month mortgage payment holiday to those struggling to pay.

The COVID-19 crisis significantly impacted the real estate market this spring. Health concerns and stay-at-home orders led to fewer buyers looking for homes and fewer sellers willing to list their properties or allow strangers to enter their homes during a pandemic. 

Countries like the United Kingdom and the United States mobilized to fight the coronavirus crisis, and many homeowners felt a sense of uncertainty amid the economic fallout. According to Forbes, benchmark rate cuts by Federal Reserve and falling mortgage rates sent homeowners flocking to their lenders to take advantage of the low rates. Moreover, last year February, Home sales rose but not at the same pace as refinances. 

Have you heard of Mortgage Calculator Uk? This automated website tool allows home buyers or refinances buyers to determine their mortgage calculation they need to consider. The website was created to cater to the UK market and other mortgage markets. 

You can use the calculator to do the following : 

  • home buyers to estimate mortgage affordability based on income 
  • printable amortisation schedules,
  •  loan overpayments, and 
  • remortgage. 

 In terms of convenience, the website is free and easy to access.  First-time homebuyers can use the website to estimate their monthly mortgage payment before starting their mortgage application. You can input a different home price, down payment, loan term, and interest rate to see how your monthly payment changes. Even though we are still on lockdown, that should not stop you from purchasing that dream home. The pandemic has already taken a lot from us; try out the Mortgage Calculator UK.

Credit

Written by Hope James

Photo // Wall Street Journal

Author: minnafropolis

My name is Hope James and I am the owner of Minnafropolis blog. I am a Creative Influencer based in Minneapolis. I am the founder and owner of Black Bloggers & Creatives. Join the tribe by subscribing to this blog site, subscribe to Minnafropolis YouTube channel and follow me on Instagram @minnafropolis.

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