As we approach the 200th edition of this publication in magazine format, I cannot recall a period as grave for the UK economy and its related property market as the one we have been recently experiencing. The saying about ‘things coming in threes’ seems appropriate, as in the last twelve years we have endured the Great Financial Crash, the prolonged three and a half year uncertainty following the Brexit vote and now this awful pandemic which is seeing deaths worldwide at a level that few could have imagined.

Just one month ago many people were still comparing the Covid-19 pandemic to a typical flu season and questioning what the fuss was about. Well few will now be in denial as to the consequences, as we have seen wartime levels of government funding offered for businesses and individuals who have suddenly seen their jobs and trade evaporate overnight.

The property sector has not been at all immune and as we report inside this edition, the effects have already been felt with construction and development projects being abandoned, with many workers lain off or furloughed. The irony of course is that for many of us the year had started brightly, and the economy and property markets then looked set for a positive period.

That short period of positivity has faded and we now face again the prospect of a serious recessionary period, which will leave its mark in many sectors, irrespective of government intervention. The commercial retail property sector was already seeing a seismic change in shopping habits due to the rapid growth of online offerings and the increased efficiency of delivery systems. With most retailers now closed for the foreseeable future, the consequences are inevitable for high street businesses who have been operating on thin ice. Our lead article on page 14 offers some in-depth analysis.