Adam Horton of regional estate agency Hortons has announced the company has repaid a £50,000 bounce back loan in full this month.
Horton says: “We took a £50,000 bounce back loan during the first lockdown, as we didn’t know how the property market was going to react to the restrictions and we thought it would be a good precautionary measure to help protect our business”.
The property market was released from lockdown measures on 13th May 2020, allowing viewings, valuations and house moves to take place, subject to social distancing.
Estate agents have since benefited from the stamp duty holiday and its subsequent extensions, as well as stimulus such as the Government backed 5% deposit mortgages, making it easier for more people to get onto the property ladder.
“After the market reopened, it became very busy and as a result we have made the decision to repay the £50,000 loan in full. We are conscious that these loans were created specifically to help businesses impacted by the lockdowns, and they were backed by taxpayers money. We’re pleased to do our bit and return the funds”.
Hortons have experienced significant growth since their launch in 2016 and are now one of the region’s largest and most highly reviewed estate agencies.