Your home is your castle, like never before, writes CPS Property Managing Director Art O’Hagan.
We have all been asked to stay at home for all the right reasons.
To protect society during these unprecedented times we are now looking at our most treasured possession in a very different light.
Our homes are the fixed abode for our family first and foremost. To keep us warm, comfortable and safe in times of need.
In all my years as Managing Director of CPS I can categorically state I have never witnessed anything like this before.
The recessions of 1990 and 2008 were very different times as these were financially lead due to the property market overheating, simply the mathematics of “supply and demand”, high street lenders in the market place alongside employment rates are key factors of stability of the property market. I want to clarify they are still in favourable positions ie, lenders with liquidity will still be there without question at incredibly low interest rates, the levels on unemployment will remain low, government subsidies has shielded SME’s in a very protective manner and the demand for buying your home by far outweighs renting where possible.
There is unlikely to be an increase in Social Housing, therefore the “Buy To Let” market will remain strong.
Bringing all these factor into the equation the stability of the residential market will bounce back after this pregnant pause.
In CPS the database of buyers has increased by 9% over the past three weeks due to demand to acquire or rent a home, this confirms to us that the market place is stable although we are witnessing a pause as a result of recommended lockdown.
The turmoil of this health pandemic has had incredible impact on so many in so many ways. My sincere sympathies is with those who have lost so much due to Covid 19, also to those who have lost loved ones who have not been able to grieve with the warmth of the traditional wake & funeral service.
Our community spirit here in Armagh has been inspiring, the dedication shown by all front line workers from the NHS workers to the many caring professions, to the shop assistants and pharmacists; they deserve the utmost respect at this very delicate time, we are very fortunate to have a very focused Mayor, who is reaching out the hand of friendship and support daily.
The least we all can do is support our local high street trader, those who offer the essential services at this time and those who will be opening their doors shortly who will all need your trade plus your encouragement to recreate our community retail hub.
Armagh City Centre needs you like never before. ABC Council in conjunction with Armagh City Centre Management will be launching various initiatives shortly to this effect.
Although I am property focused I am here to assist our community, the retail sector or the public private partnership as chair of Armagh City Centre management, as an Armaghian, I am proud of our City and here to support you at this time of need, look after your family first, your neighbours and the vulnerable, together we can do so much for each other, its natural and its easy. Communication is key.
In final: Stay at home, maximise the much publicised hygiene recommendations and show respect to all those in need at this time.
