February is traditionally the low season for the UK tourism industry due, to the cold weather.
Trevor Shaw, who runs an Airbnb hosting service, said: “this right now is looking particularly bad on our bookings.
last year around this period we were fully booked up till the end of March.
Now our booking is at best 50 per cent vacancies, and we are struggling to secure any bookings. It seems the bottom has fallen out of the Airbnb. I think it may be the same across all the hospitality sector.”
Some airlines have reported the Coronavirus has caused bookings to collapse to zero.
Many airlines are reporting that there are no new bookings, just cancellations.
Shocking figures, released by the International Air Transport Association shows a slowdown in bookings, with airlines, that is due to the spread of Coronavirus.
One of Europe’s largest carriers has reported a fall in flight bookings to Italy of 108 per cent.
The International Air Transport Association (IATA) said negative territory is when: “Bookings collapse to zero and refunds grow.”
IATA has said: “Many carriers are reporting 50% ‘no-shows’ across several markets.”
Airlines and Airbnb are struggling financially; this could have a direct effect on UK property prices.
What will happen to UK property prices?
Robert Gardner, Nationwide’s chief economist, has said Coronavirus (COVID-19) could affect the housing market in the future as foreign buyers may be tempted to stay at home.
Mr Gardner said: “While overall economic growth ground to a halt in the final three months of 2019, labour market conditions remained buoyant and borrowing costs low. The decisive election outcome may have provided a boost to buyer sentiment.
“Recent data releases indicate that the housing market has gathered momentum in recent months, and the latest house price figures are in line with that trend. The number of residential property transactions and mortgages approved for house purchase increased around the turn of the year and surveyors have reported an increase in new buyer enquiries.”
He added: “The global economic backdrop remains challenging, with the coronavirus outbreak expected to weigh on global activity in the coming quarters. Investment is likely to remain subdued until the UK’s future global trading relationships become clearer, which is unlikely until early next year.”
Mr Sajjad Ahmad, the CEO of the British Landlords Association, said: “All landlords should read an article written by National Law Review today. The article relates to landlords obligations, in respect of Coronavirus. We also advise landlords and tenants to visit the UK Government website for up to date advice on Coronavirus. We are monitoring the situation, any useful information, or advice, that we feel is relevant will be posted on our website“.
The World Health Organization’s (WHO) has declared that this is a public health emergency of international concern. Their report can be read on their website.
Uk Government has reported as of 3 March, a total of 13,911 people have been tested in the UK. 13,860 were confirmed negative. 51 were confirmed as positive.
The Department of Health and Social Care will be publishing updated data on this page every day at 2 pm until further notice. This data is accurate as of 9 am on the day of the report was published.
If more cases are confirmed in the UK, it will be announced by the Chief Medical Officer of the affected country on the Government website.
Author: Helen Cartwright
Date: 4th March 2020