Coronavirus by numbers: responding to financial stress in resi development

We have all seen the numbers reported in the past few weeks that demonstrate the economic impact of the coronavirus pandemic. The economy shrunk by more than 20% in April, the number of people claiming work-related benefits increased by 126% between March and May and some economists think unemployment could hit 10%, particularly when the furlough scheme ends in October. Having begun my career in 2008 with the plight of Northern Rock ringing in my ears, these numbers do not make for comfortable reading. It will surprise no one that the pandemic has hit the housing market hard.

Katy Klingopulos, Senior Associate, in our commercial real estate team discusses this in an article for Estates Gazette.

The full article is available to subscribers of Estates Gazette, here.