Second Lockdown Pips Brexit As Number One Concern

It’s safe to say that the UK wide lockdown which was introduced on the 23 March 2020, and was slowly eased from the middle of May to present day, has had a huge impact on people and the economy.

Brexit used to be the word of the day, with the people across a variety of industries concerned about what the future would hold and what a deal – or no deal – Brexit would look like.

Fast forward to the middle of 2020, and the new worry at the forefront of everyone’s mind is the impact of a second nationwide lockdown.

Localised lockdowns are occurring throughout England as local authorities try their best to curb the rise in coronavirus cases they’re experiencing.

But the impact of a second nationwide lockdown to combat a second wave, could quickly eradicate all of the positive work done by the property industry over the past four months.

MCI Mortgage Club recently conducted a survey, which revealed that 73% of participants felt a fresh lockdown would affect the mortgage market over the next 12 months. Brexit concerns only worried 35% of those who took part.

Other worries that were picked up in the survey were:

  • 68% were worried about stricter lender criteria
  • 67% were worried about mass unemployment
  • 63% were worried about recession
  • 62% highlight the adverse effect of payment holidays and furlough

Melanie Spencer, head of the MCI Club, comments:

“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.”

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