Some 20% of property investors were planning on buying one or more properties in 2020 but will no longer be doing so due to COVID-19, research from FJP Investment has revealed.
This figure rises to 39% for younger investors aged between 18 and 34.
There is uncertainty regarding whether property is a safe and secure asset during the pandemic.
Just under half (48%) think so, though two in five (40%) are unsure, while 12% don’t see property as safe during this time.
Some 43% of investors are not making major financial decisions until the pandemic has passed.
Jamie Johnson, chief executive of FJP Investment, said: “Today’s research demonstrates just how COVID-19 has affected people’s property investment plans.
“There is a clear reluctance to engage with the market right now from both buyers and sellers, despite the fact real estate is still regarded a safe investment avenue in this volatile period.
“With the government allowing real estate sales to go ahead again by relaxing social distancing measures this week, it will be interesting to see whether this affects investors’ attitudes.
“Far from being business as normal, I believe prospective buyers and sellers will still tread with caution in the coming month. However, once there is more certainty about the future, it seems likely there will be a rush of activity in the property market.”
This post has originally been featured in Property Wire.