Britain’s Retail Shopping, Housing Market Show Severe Contraction in Activity Due to Lockdown
Arslan Butt • 1 min read
According to a recent survey by BRC, British consumers heading to markets for shopping have reduced by 83% ever since the government implemented shutdown measures to contain the spread of coronavirus across the country back in March. BRC chief executive Helen Dickinson confirms, “Footfall dropped in early March, as many people chose to stay at home and reduce the risk of catching coronavirus.”
Even though stores that provide essential services, including supermarkets and food retailers, remain open and are seeing an increase in football, with most other stores shut, shopping as an activity has reduced drastically across Britain. With the government extending the lockdown for some more weeks, this situation is likely to continue into April and possibly the next month as well.
Meanwhile, leading property website Rightmove stated its inability to provide accurate data about house prices in the wake of the lockdown as the housing market in Britain also experienced a severe contraction in activity. Since the lockdown was implemented last month, Rightmove saw a decline in website visitors by as much as 40%, although activity appears to be resuming slowly over the past week.
According to Rightmove, “You do not have a functioning market when buyers can’t buy and sellers can’t sell, and so the focus needs to be on what is required to help the market recover once the lockdown can safely be eased.”