MJ Gleeson Reports 14% Decline in Home Sales

MJ Gleeson Reports 14% Decline in Home Sales

The UK housing market has been hit hard by the coronavirus pandemic, with MJ Gleeson reporting a 14% decline in home sales in the first half of 2020. This is a significant drop from the same period in 2019, when the company reported a 5% increase in sales.

The decline in home sales is being attributed to the economic uncertainty caused by the pandemic. With many people facing job losses or reduced working hours, there is less money available for people to purchase homes. In addition, the restrictions on movement have made it difficult for potential buyers to view properties and complete transactions.

The decline in home sales is having a significant impact on the UK economy. The construction industry, which relies heavily on home sales, has seen a sharp drop in activity. This has led to job losses and reduced investment in the sector. In addition, the decline in home sales has had a knock-on effect on other industries such as furniture and decorating, as people are less likely to buy new items for their homes if they are not buying them.

The government has taken steps to try and mitigate the impact of the pandemic on the housing market. They have introduced a stamp duty holiday, which has helped to boost demand for homes. In addition, they have also announced measures to help those who have been affected by job losses or reduced working hours to access mortgages.

Despite these measures, it is clear that the UK housing market is still suffering from the effects of the pandemic. MJ Gleeson’s 14% decline in home sales is a stark reminder of this. It is hoped that as the economy recovers, the housing market will also begin to recover and that people will be able to purchase homes once again.

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