Could 2021 be a good year for businesses hit by COVID-19?
As commercial mortgage specialists, we know the impact COVID-19 has had on many businesses. Here are our predictions for how 2021 might look.
With the rollout of the vaccine currently underway, it seems like only a matter of time until life starts to slowly return to normal. While some sectors have been affected more than others by the pandemic, we predict a turnaround once lockdown measures are lifted and virus cases begin to drop.
A return to normality
Once we start to see the positive effect of the vaccine and government restrictions can start to be lifted, it seems likely that many of us will be eager to return to our pre-pandemic lives.
The hospitality and travel industries have been hit hard, but they will likely be the first to enjoy a surge in demand with people keen to enjoy restaurants, pubs and holidays again. Leftover worries about the safety of international travel, along with the impact of Brexit, may encourage holidaymakers to stay in the UK – great news for B&B and hotel owners!
Lockdown has seen a massive surge in online shopping, but many will have undoubtedly missed the traditional retail experience. We foresee a return to the high street, with a big push towards supporting local businesses. Although a huge number of us have adjusted to remote working, the lack of human interaction has started to take its toll. With many eager to return to the office, we don’t see the demand for traditional office spaces going away any time soon.
Brexit will no doubt continue to have a big impact on UK businesses as well. As a country, we will need to manufacture more and rely less on imported goods. This will likely mean that UK businesses will need to increase production capacity, to start rebuilding supply chains that have been damaged by both Brexit and the pandemic.
As a leading commercial mortgage broker, we have worked with business owners within a huge range of sectors. From pubs, B&Bs and hotels, to retail shops and manufacturing facilities looking to expand in order to increase production capacity, we can assist with raising finance and securing a mortgage that is appropriate for your business and premises.